Aussie rises on higher metal’s prices
The Australian dollar bounces on Monday after last week’s two-day pullback from new multi-week high (0.7546), inflated by fresh rise in metal’s prices.
Bulls regained traction after shallow dip but face headwinds from good offers at 0.7500 zone that caps the advance for now.
The latest action could be seen as consolidation before eventual attack at 0.7556/60 pivots (50% retracement of 0.8007/0.7106 / 200DMA) break of which is needed to signal bullish continuation.
The pair starts new week in green following gains in past three weeks that adds to bullish daily studies.
Firm break of 0.7556/60 pivots would expose next key barrier at 0.7595 (weekly clod top).
Solid support at 0.7450 (consolidation floor / broken Fibo 38.2%) needs to hold to keep bulls intact.
Res: 0.7546; 0.7560; 0.7594; 0.7616
Sup: 0.7450; 0.7437; 0.7395; 0.7353