The Australian dollar rallies on Thursday, lifted by rise in stocks on fresh risk appetite, after Wednesday’s action ended in long-legged Doji, following nearly 200-pips range.
Fresh bulls probe again above pivotal 0.7200 resistance zone (psychological / daily cloud top) with close above here to generate positive signal for extension towards next pivotal barriers at 0.7242 (9 Oct high) and 0.7252 (Fibo 61.8% of 0.7413/0.6991 fall).
Rising positive momentum on daily chart and moving averages in bullish setup, support the notion, but overbought stochastic warns that bulls may slow.
Near-term bias is expected to remain with bulls while the action stays above 55DMA (0.7180).
Res: 0.7222, 0.7242, 0.7252, 0.7313
Sup: 0.7200, 0.7180, 0.7152, 0.7133
