The Australian dollar surged in early Wednesday’s trading, driven by higher stocks and rumors that China is discussing easing of ban on Australia coal imports.
Aussie advanced over 2% in Asia, early Europe and cracked pivotal barrier at 0.6854 (200DMA), eyeing next key levels at 0.6893/0.6908 (Dec 13 former high/Fibo 76.4% of 0.7136/0.6170).
Clear break of these barriers is needed to signal a continuation of larger advance from 0.6170 (Oct 13 low) and expose psychological 0.70 resistance.
Strong rise of positive momentum on daily chart and studies turning into full bullish setup, support fresh advance.
Broken Fibo 61.8% (0.6767) offers solid support and expected to keep the downside protected.
Res: 0.6893; 0.6908; 0.7000; 0.7072.
Sup: 0.6834; 0.6796; 0.6767; 0.6687.
