RBA chief’s comments lifted Aussie but upticks were so far short-lived
The Aussie jumped close to 0.6800 barrier after comments from RBA governor, who said that the QE is not on CB’s agenda and that negative interest rates are unlikely.
Bounce from strong Fibo support at 0.6769 (61.8% of 0.6670/0.6929) which repeatedly limited downside attempts (Monday / today), surged through thin daily cloud and approached psychological 0.68 barrier (reinforced by falling 10DMA).
Bulls stalled here and subsequent easing signaled that recovery failed on first attempt.
However, bears continue to face strong headwinds and may hold in prolonged consolidation above 0.6769 pivot, as daily stochastic is oversold, but other indicators are still in firm bearish setup.
Near-term bias is expected to remain with bears while consolidation is capped by 0.6800 barrier.
Only break here would sideline bears, but recovery needs to extend above key resistances at 0.6830 zone (Fibo 38.2% of 0.6929/0.6768 / 19 Nov lower top) to signal reversal.
Res: 0.6786; 0.6800; 0.6814; 0.6827
Sup: 0.6769; 0.6751; 0.6731; 0.6723