The AUDUSD hit new 5-month high on Thursday, following strong bullish acceleration on Wednesday, sparked by unexpected rise in consumer prices in Q4, which signals that the RBA would continue to raise interest rates in coming meetings.
Break and close above Fibo barrier at 0.7091 (61.8% of 0.7661/0.6170) on Wednesday, generated initial bullish signal, which will require verification on weekly close above this barrier (reinforced by nearby 200WMA at 0.7071).
Bulls eye immediate barrier at 0.7136 (Aug 2022 high), followed by falling 100WMA / weekly cloud top (0.7170) and May 2022 high (0.7283).
Overbought daily studies warn of limited pullback before larger bulls resume, with broken psychological 0.70 barrier reverted to solid support and reinforced by 10DMA).
Res: 0.7128; 0.7136; 0.7170; 0.7283.
Sup: 0.7071; 0.7048; 0.7000; 0.6924.
