The Aussie benefited from weaker dollar and hawkish RBA minutes and rallied strongly on Tuesday, resuming strong rally of last week which took a breather on Monday.
Fresh bullish acceleration took out pivotal barrier at 0.7848 (Fibo 38.2% of 0.9503/0.6825 descend) and extended above round-figure barrier at 0.7900, riding on extended third wave of five-wave cycle from 0.7535 (23 June low).
The wave eyes its 200% Fibonacci expansion at 0.7933 and could extend to psychological 0.8000 barrier (also FE 238.2%).
However, corrective easing could be anticipated in the near-term as daily studies are overbought, but without firmer bearish signal so far.
Higher base at 0.7790 zone (Tue / Mon lows) offer solid support.
Res: 0.7933, 0.8000, 0.8044, 0.8114
Sup: 0.7848, 0.7790, 0.7749, 0.7712
