Technical Outlook AUDUSD 16.05.2017

Technical Outlook AUDUSD 16.05.2017

AUDUSD

The Aussie eases from session high at 0.7433, posted after release of RBA minutes overnight, unable to hold gains and returns to session low at 0.7403.
Fresh weakness generates negative near-term signal, following Monday’s strong upside rejection of three-day recovery at 0.7444, just under falling 20SMA.
Hourly higher base at 0.7403 (reinforced by rising hourly cloud top and Fibo 38.2% of 0.7329/0.7444 recovery leg) is offering solid support, loss of which would signal further easing and generate initial signal of recovery stall.
Bearish acceleration and close below 0.7373 (Fibo 61.8%) is needed to confirm reversal, as negative daily studies support the notion.
Extended consolidation could be expected while 0.7400 support zone is holding, however, lift above falling 20SMA (currently at 0.7452) is required to confirm bullish continuation of recovery leg from 0.7329.

Res: 0.7433; 0.7444; 0.7452; 0.7467
Sup: 0.7400; 0.7385; 0.7373; 0.7356