Aussie extends weakness and hits new 5-week low

Bears cracked round-figure support at 0.6900 on Monday, in extension of steep fall last week, when the pair registered 1.85% weekly fall.
Fresh weakness posted new five-week low, as the US dollar continued to rise on Monday and extended gains to new two-month high against a basket of major counterparts, being boosted by stronger than expected US growth that reduces expectations of aggressive Fed easing on Thursday.
Bears show hesitation at 0.6900 handle, reinforced by Fibo 76.4% of 0.6831/0.7082 (0.6890), as deeply oversold stochastic moves sideways and momentum turns higher on daily chart, suggesting that bears reduce pace and entering consolidative phase.
Traders may stay on hold ahead of Australian Q2 inflation data (Wednesday) and Fed policy meeting (Thursday) which are expected to provide fresh signals.
Base of thick daily cloud provides initial and solid resistance at 0.6913, followed by broken Fibo 61.8% support (0.6927) and 55DMA (0.6953) which needs to cap upticks and keep bears in play.

Res: 0.6913; 0.6927; 0.6953; 0.6977
Sup: 0.6900; 0.6890; 0.6877; 0.6855