Thursday’s long red candle weighs heavily; US GDP eyed for fresh signal

The Australian dollar consolidates within narrow range on Friday, following 1% fall previous day, with prevailing negative near-term outlook.
Repeated upside rejection left a double-top (0.7464), generating negative signal, reinforced by Thursday’s massive bearish candle, which weighs heavily.
Converged daily MA’s 10; 20; 30) are in bearish setup and cap today’s recovery attempt, accompanied with weak momentum and south-heading slow stochastic.
Falling daily cloud maintains pressure and completes negative picture.
US GDP data are in focus as key event today, with strong reading expected to further boost the greenback and push the Aussie towards key supports at 0.7310/17 (02 / 20 July lows).
Alternative scenario requires close above a cluster of daily MA’s at 0.7400 zone to ease bearish pressure, while extension above falling 55SMA (0.7468) which repeatedly capped recovery attempts, is needed to neutralize bears and shift focus higher.

Res: 0.7394; 0.7408; 0.7440; 0.7464
Sup: 0.7359; 0.7325; 0.7310; 0.7283