Technical Analysis: Bias Bearish
- RSI and Stochs are biased lower and we MACD is showing a bearish crossover.
- Price action has broken below 5-DMA and is trading in a narrow range around 20-DMA.
- We evidence a spinning top formation at highs on the weekly candle.
- RSI is on verge of a rollover from overbought levels.
- Upbeat Australia consumer confidence data likely to keep Aussie supported.
- Australia consumer confidence surprised to the upside, with the Westpac Melbourne Institute Index of Consumer Sentiment up 3.6% to 103.3 in December from 99.7 in November.
- It was only for the second time this year that Australia's consumer confidence printed over 100.
Support levels - 1.7563 (23.6% Fib retrace of 1.61625 to 1.79966 rally), 1.74888 (Dec 5 low), 1.7363 (Nov 28 low), 0.7296 (38.2% Fib)
Resistance levels - 1.7620 (20-DMA), 1.77, 1.7739 (5-DMA)
Good to go short on close below 20-DMA, SL: 1.7740, TP: 1.75/ 1.7420/ 1.7370.
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