The Australian dollar strengthened over better-than-expected retail sales in November. On the daily chart, the price has been grinding along the 30-day average (0.6720). A close above the double top (0.6890) is a sign that the bulls are strongly committed. The psychological level of 0.7000 coincides with the origin of a late August high, making it a key hurdle before the aussie could extend higher. On the downside, 0.6820 is the immediate support and 0.6720 the bulls’ second line of defence in case of hesitation.
