Aussie accelerates through 0.70 support ahead of US data, FOMC minutes
The Aussie dollar slips 0.8% vs its US counterpart in European trading on Wednesday, pressured by weaker than expected Australian wage growth data and falling iron ore prices.
Fresh bearish acceleration took out psychological 0.70 support and broke below pivotal Fibo support at 0.6962 (38.2% of 0.6681/0.7136 upleg), with close below here to generate bearish signal.
Rising negative momentum on daily chart adds to bearish near-term outlook, unmasking targets 0.6909 (50% retracement) and more significant 0.6869 (Aug 5 trough) violation of which will confirm an end of bull phase from 0.6681 (July 14 low, the lowest since June 2020).
Broken 0.70 support should act as key barrier and limit upticks to keep bears in play.
Res: 0.6962; 0.6986; 0.7000; 0.7029
Sup: 0.6926; 0.6909; 0.6869; 0.6855
