Aussie benefits from renewed risk sentiment
The Australian dollar rose further on Tuesday, driven by fresh risk appetite on optimistic news from China, which ended restrictive Covid rules and brightened the outlook with revised outlook for 2023 growth.
Fresh strength cracked important barrier at 0.6761 (50% of 0.6893/0.6629 pullback), with sustained break here needed to confirm renewed bullish stance and open way for further recovery.
Bullishly aligned daily studies support the action, but caution if bulls fail to clear 0.6761 pivot that would keep the downside vulnerable.
Broken Fibo 38.2% barrier (0.6729) and rising 5DMA (0.6710) reverted to solid supports, loss of which would sideline bulls and shift near-term focus to the downside.
Res: 0.6761; 0.6792; 0.6830; 0.6872
Sup: 0.6729; 0.6710; 0.6691; 0.6651