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AUD/USD chart - Trading View
AUD/USD was trading 0.53% higher on the day at 0.7702 at around 05:00 GMT, bias higher.
The pair has resumed upside after brief pause on Monday's trade as AUD remains bid amid optimism for a better 2021.
Broad-based U.S. dollar weakness is supporting upside in the pair. After hitting fresh multi-year lows at 89.42 on Monday, the dollar index continues to trade weak.
Technical indicators support upside in the pair. Price action is above cloud and major moving averages.
Volatility is high and rising as evidenced by widening Bollinger bands and momentum is strongly bullish.
The major is extending gains above 78.6% Fib and is on track to test 88.6% Fib at 0.7836. Major support lies at 21-EMA at 0.7567. Breach below to see extended weakness.
