The Australian dollar rallies for the third day and hit session high at 0.7433, supported by strong Australian building data, with weaker than expected China PMI data, showing no impact. The pair eased in early European trading but holds above 0.74 handle and keeping near-term bullish bias. Strong momentum supports the advance which also broke above a cluster of daily MA’s, generating bullish signal. Close above broken Fibo barrier at 0.7428 (61.8% of 0.7464/0.7370 fall) is needed to confirm bullish stance for extension towards key n/t barrier at 0.7464 (25 / 26 July tops), reinforced by falling 55SMA. To keep bullish bias intact, support at 0.7400 (10SMA) needs to stay intact.
Res: 0.7433, 0.7442, 0.7464, 0.7483
Sup: 0.7400, 0.7385, 0.7370, 0.7359
