Chart - Courtesy Trading View
AUD/USD extends gains ahead of US Consumer Inflation Expectations, trades 0.78% higher on the day at 0.6707 at around 06:10 GMT.
Authorities and banks stepped in quickly to ease stress on the financial system, taking the heat off most major currencies.
Action to rescue First Republic Bank in the U.S. on Thursday boosted risk appetite globally, supporting the antipodean currencies.
Large U.S. banks on Thursday announced a $30 billion deposit into First Republic Bank, swooping in to rescue the lender.
The First Republic Bank had become embroiled in widespread contagion following the implosion of U.S.-based Silicon Valley Bank. First Republic stock reversed a 36% drop to close 10% higher after the announcement.
The Federal Reserve's monetary policy meeting next week now in focus. Uncertainty for the interest rate decision escalating dramatically.
Some analysts expect that the Fed could slow down on its aggressive rate-hike campaign in a bid to ease the stress on the financial sector.
Support levels - 0.6665 (5-DMA), 0.6635 (200H MA)
Resistance levels - 0.6718 (21-EMA), 0.6763 (200-DMA)
Technical Summary: AUD/USD intraday bias has turned bullish. Price action is above 200H MA and GMMA indicator has turned bullish on the intraday charts.
MACD has confirmed a bullish crossover on signal line and Chikou span is biased higher. The pair is testing immediate resistance at 21-EMA at 0.6718, decisive break above will see gains till 200-DMA.
