- Broadly higher greenback and weaker commodities’ prices keep the Aussie subdued.
- Muted reaction to upbeat Australian trade balance data, focus remains on the US Friday’s NFP data.
- Technicals are bearish, the pair has breached 20-DMA support at 0.7589, on track to test 100-DMA at 0.7514.
- Price action has broken into daily cloud. Stochs and RSI biased lower, MACD is on the verge of a bearish crossover on signal line.
- Major support levels - 0.7536 (double bottom), 0.7514 (100-DMA), 0.7485 (trendline)
- Major resistance levels - 0.7607 (50-DMA) , 0.7629 (5-DMA), 0.7645 (Oct 5 high)
Recommendation: Good to sell rallies around 0.7590/0.76 SL: 0.7645, TP: 0.7535/ 0.7515/ 0.75
