The Australian dollar has found solid support from rallies in commodity prices. The pair saw strong momentum after it cleared the triple top at 0.7810.
From the daily chart’s perspective, a bullish close above the supply zone around 0.7850 could confirm the bullish MA and resume the uptrend from March 2020.
The previous high at 0.8010 would be the next target. 0.7835 near the 30-hour moving average struggles as a support, which means that 0.7760 is the second line of defense in case of a deeper correction.
