The Australian dollar surges to one-month high on Wednesday, lifted by fresh risk demand and growth of Australian wages in Q4.
The pair extends advance into third consecutive day, with today’s break of pivotal barriers at 0.7232 (Fibo 76.4% of 0.7314/0.6967) and 0.7240 (100DMA) generating strong bullish signal.
Close above these levels will confirm signal and open way for final push towards key resistances at 0.7314/39 (2022 high of Jan 13 / falling 200DMA).
Fresh positive momentum on daily chart and multiple moving averages’ bull-crosses underpin the action.
Solid supports at 0.7248/40/34 (Feb 10 spike high / broken 100DMA / broken Fibo 76.4%) should ideally contain and keep the downside protected.
Res: 0.7276; 0.7293; 0.7314; 0.7339
Sup: 0.7240; 0.7215; 0.7180; 0.7165
