The Australian dollar rose above 0.69 barrier on Tuesday after the RBA left interest rates unchanged at 0.75% on hopes for rebound in property market that may improve economic conditions.
Also, fresh pressure from China on US President Trump to remove more tariffs imposed in September, brought fresh optimism and increased risk appetite.
Aussie bounced from daily cloud top (0.6879) which repeatedly limited downside attempts on Monday/today, confirming strong support.
Fresh advance pressures cracked key Fibo barrier at 0.6925 (61.8% of 0.7082/0.6670) with final break here (after three consecutive failures) to open way towards next pivotal barrier at 0.6951 (200DMA).
Strong daily bullish momentum and positive setup of MA’s underpins the action.
Close above 0.6825 Fibo barrier is needed to signal bullish continuation, with break of 200DMA to expose 0.6985 (Fibo 76.4%) and psychological 0.70 barrier.
Daily Tenkan-sen (0.6869) reinforced cloud top and expected to keep the downside protected and maintain bullish bias.
Res: 0.6925, 0.6951, 0.6985, 0.7000
Sup: 0.6900, 0.6883, 0.6869, 0.6850
