The Australian dollar extends rally into fourth straight day and cracked 0.7300 barrier, hitting new highest level since Dec 2018.
Fresh risk appetite after Thursday’s Fed Powell’s announcement deflated the greenback and lifted Aussie,
Bulls are on track for eventual clear break above 200WMA (0.7252) which is expected to generate strong bullish signal on today close above.
The pair maintains strong bullish momentum and the action is underpinned by thick rising daily cloud, but overbought daily studies may reduce the pace of rally.
Focus turns towards 3 Dec 2018 high at 0.7393, above which would expose 0.7515 (Fibo 76.4% of 0.8135/0.5509 fall).
The Aussie is on track for strong bullish weekly close after two consecutive Dojis and for the fifth straight bullish monthly close that adds to strong positive signals.
Res: 0.7315, 0.7350, 0.7393, 0.7453
Sup: 0.7300, 0.7275, 0.7252, 0.7214
