The Aussie regained traction in early Europe and returned near Asian peak at 0.7993 after release of RBA’s last meeting minutes.
The minutes of central banks last meeting showed that the RBA is encouraged by recent jobs data but wages are expected to stay low for some time. The minutes also pointed at stronger than expected economic growth in China but high debt weighing on the outlook.
Fresh recovery after strong fall on Monday probes above broken main bull-trendline (0.7988) and needs sustained break above 0.8000 zone (bull-trendline / psychological point / Fibo 38.2% of 0.8124/0.7939 downleg) to signal higher low formation at 0.7939 (Monday’s low) and open way for further recovery.
Extension above next key barrier at 0.8032 (daily Tenkan-sen / Fri/Mon double upside rejection) is needed to confirm reversal.
Res: 0.8000, 0.8010, 0.8032, 0.8054
Sup: 0.7966, 0.7939, 0.7929, 0.7902
