Aussie rises on fresh risk appetite, stronger commodity prices and weaker dollar
The Australian dollar rose to new over three-week high on Thursday, riding on the wave of fresh risk appetite after Fed announced new stimulus of $2.3 trillion in attempts to cushion negative impact to the economy from crisis caused by coronavirus pandemic.
Fresh extension higher broke above key Fibo barrier at 0.6235 (61.8% of 0.6684/0.5509) adding to signals of bullish continuation following Wednesday’s close above former high of 31 Mar (0.6212).
Rising commodity prices and weaker dollar help the advance.
Bulls look for confirmation on close above 0.6235 that would open way towards 0.6407 (Fibo 76.4%) and 0.6425 (falling 55DMA).
Res: 0.6325; 0.6407; 0.6425; 0.6491
Sup: 0.6235; 0.6212; 0.6195; 0.6129