Markets bid up the Australian dollar after the country’s unemployment rate dropped from 5.8% to 5.6% in March.
A brief pullback overnight near the 30-hour moving average (0.7700) was met with strong buying interest. The RSI’s easing from the overbought zone suggests that there could be more room on the upside.
The latest rally above 0.7750 may attract more momentum players into the bidding war. This might open the path to 0.7850, a key resistance on the daily chart.
