The Aussie has found support from better-than-expected retail sales of -0.8% versus a consensus of -1.1%.
Following the pair’s fall below the daily trendline and the key floor at 0.7580, the market has turned into a consolidation mood.
An oversold RSI has triggered some short-covering, but the current rebound may attract more sellers in the supply zone around 0.7660.
A bullish breakout could raise offers to 0.7750. Failing that, the price action would remain in a downward trajectory and test 0.7530 once again.