Australian dollar rose 1.2% against its US counterpart on Wednesday and hit the highest since June 2022.
The rally was sparked by the media report signaling that US-Iran war might be near the end that revived demand for riskier assets.
Today’s advance broke about two-week consolidation range (0.7222/27) as well as above upper 20-d Bollinger band (0.7247), on track to generate fresh bullish signal on close above these levels.
Bullish daily studies (the latest contribution was formation of 30/55DMA bull-cross) contribute to improved fundamentals and expected to further lift the price.
Fresh acceleration hit initial target at 0.7271 (Fibo 123.6% projection of the rally from 0.6833), with sustained break here to expose 0.7322 (Fibo 138.2% projection).
Broken range tops reverted to support which should ideally contain and guard ascending 10DMA (0.7176).
Res: 0.7300; 0.7322; 0.7365; 0.7406.
Sup: 0.7221; 0.7176; 0.7154; 0.7105.
