Risk aversion pushes Aussie to two-month low

Steep fall off 0.7661 (Apr 5 spike high) extends into fourth consecutive week, following last week’s acceleration that resulted in weekly loss of 2%.
Fresh weakness in early Monday hit the lowest in nine weeks and tested solid support at 0.7148 (200WMA), after emerging below ascending daily cloud (spanned between 0.7204 and 0.7277).
Risk aversion continues to pressure risk-sensitive Aussie dollar as its US counterpart continues to rise on safe-haven buying.
Bears look for further negative signals on close below broken Fibo 61.8% of 0.6967/0.7661 at 0.7232 (minimum requirement) and below daily cloud base (0.7204), while violation of 200WMA (0.7148) and following Fibo 76.4% (0.7131) would further weaken the structure and possibly lead towards full retracement of 0.6967/0.7661 upleg.
Bearish technical studies support the action which might be interrupted by limited upticks (ideally to be capped by broken Fibo level at 0.7232 and not to rise above cloud top at 0.7277), expected to provide better selling opportunities.

Res: 0.7204; 0.7232; 0.7262; 0.7277
Sup: 0.7148; 0.7131; 0.7086; 0.7033