AUDUSD trades near new 4-month high, underpinned by rise in commodity prices

The Australian dollar rose to four-month high (0.7441) on Monday, underpinned by rise in commodities, especially in iron ore, the biggest export earner for Australia.
Fresh advance probed above pivotal level at 0.7416 (Fibo 76.4% of 0.7555/0.6967 / 55WMA) but so far lacking strength for a firm break higher that would generate strong bullish signal.
The pair advanced 2.7% last week, leaving long bullish weekly candle which formed a bullish engulfing pattern that adds to supports.
Bulls may take a breather and consolidate before resuming as daily stochastic is emerging from overbought territory and strong bullish momentum started to fade. Broken barriers at 0.7331/20 (Fibo 61.8% / 200DMA) mark strong supports which should ideally contain dips and keep bulls intact.

Res: 0.7416; 0.7441; 0.7500; 0.7558
Sup: 0.7347; 0.7331; 0.7320; 0.7268