“¢ Upbeat Aussie retail sales/China Caixin Services PMI helped build on previous session’s post-RBA goodish rebound from closer to over two-year lows.
“¢ The positive momentum stalls ahead of 100-period SMA on the 4-hourly chart, failing to assist the pair to decisively breakthrough a downward sloping trend-channel.
“¢ With short-term technical indicators losing positive momentum, a follow-through weakness would mark the end of corrective bounce and resumption of the prior depreciating move.
Spot Rate: 0.7390
Daily High: 0.7425
Daily Low: 0.7377
Trend: Bearish
Resistance
R1: 0.7425 (current day swing high)
R2: 0.7460 (R2 daily pivot-point)
R3: 0.7500 (psychological round figure mark)
Support
S1: 0.7370 (horizontal zone)
S2: 0.7331 (S1 daily pivot-point)
S3: 0.7310 (multi-month lows set last Friday)
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