AUD/USD (a 4-hour chart)
The Aussie fell on Tuesday on the back of the central bank officials’ comments that the regulator needs a weaker currency.
The recent recovery from 0.7500 appeared to be overextended. The price returned below 0.7540 and is consolidating its gains now. The price is developing below the moving averages in the 4 hours chart. The moving averages keep heading lower. The 50-EMA is crossing the 100 and 200 EMAs downwards. The resistance is at 0.7540, the support comes in at 0.7500.
MACD remained at the same level which confirms the strength of sellers.
RSI is consolidating within the oversold area.
We remain bearish on the outlook for the currency. The level 0.7500 holds the pair from its further decrease. A break below this mark risks a decline towards the next support at 0.7460.