AUDUSD surges on weaker greenback; key barrier at 0.8124 in focus
Bulls accelerated strongly on Wednesday, ending three-day consolidation on break above previous high at 0.8038.
Rally hit new four-month high at 0.8061, coming ticks ahead of 27 July high at 0.8065 and focusing next target at 0.8102 (20 Sep spike high) and key barriers at 0.8124 (08 Sep peak) and 0.8161 (14 May 2015 high).
Fresh rally was boosted by overall weaker dollar which could help in final push towards 0.8124 target.
Close above 0.8038 will be strong bullish signal, however, hesitation on approach of 0.8124 cannot be ruled out as daily studies are overbought.
Daily MA’s in firm bullish setup continue to underpin, with rising 10SMA offering solid support at 0.7975.
Res: 0.8065; 0.8102; 0.8124; 0.8161
Sup: 0.8038; 0.8000; 0.7975; 0.7958