The Aussie dollar rose to 0.7547 on Thursday, driven by solid Australian jobs data and extending strong rally on Wednesday which left a higher base at 0.7447 (Tue/Wed lows).
Strengthening momentum and 5/10SMA bull-cross are supportive for recovery attempts which cracked falling 20SMA (0.7534) in today’s extension.
Close above 20SMA is needed to boost bulls for eventual attack at key near-term barrier at 0.7565 (Tue/Wed highs / Fibo 38.2% of 0.7812/0.7412), as break here is required to confirm base and open way for stronger recovery.
Failure to clear 20SMA would signal further range trading and keep the downside at risk as larger picture is bearish.
Res: 0.7534, 0.7547, 0.7565, 0.7584
Sup: 0.7507, 0.7478, 0.7447, 0.7412
