“¢ The pair once again meets with some fresh supply near the 0.7440 region and has now dropped to the post-RBA minutes/Asian session swing low.
“¢ The USD is finding bids across the board and dragged the pair back towards a test of 100-hour SMA (green line), which if broken should pave the way for a follow-through weakness.
“¢ Technical indicators on the hourly chart have started gaining negative momentum and thus, increase prospects for some fresh technical selling pressure.
Spot rate: 0.7404
Daily High: 0.7438
Trend: Turning bearish again
Resistance levels
R1: 0.7438 (current day swing high)
R2: 0.7459 (R2 daily pivot-point)
R3: 0.7487 (50-day SMA)
Support levels
S1: 0.7389 (S2 daily pivot-point)
S2: 0.7368 (last Friday’s swing low)
S3: 0.7335 (horizontal zone)
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