The Australian Dollar recoiled from resistance guiding it lower against its US namesake since early December. The drop followed several days of grinding forays to the upside that ultimately fizzled. What’s more, progress proved to be elusive despite a supportive fundamental backdrop. That gives the currency pair’s subsequent retreat an air of capitulation. Continued progress to the downside faces rising trendline support set from early March (now at 0.7088) but the true test of sellers’ mettle comes in the 0.6982-7021 area. A daily close below this would confirm the formation of a bearish Descending Triangle chart ... (full story)