Momentum studies on the have turned , Stochs has shown a crossover from oversold levels and has bounced off from near 30 levels.
Pair has broken above 5-DMA at 82.16, weakness only below 80.90 ( support).
Upside finds immediate resistance at 82.90 (cloud base), 83 and then 83.27 (Jan 26th highs).
Upbeat NAB Business Confidence survey supports Aussie bulls, also a rebound in the USD/JPY adds to gains in AUD/JPY .
Focus now remains on the Chinese trade balance and GDP figures due later this week, while the Aus jobs report will be also closely watched for fresh cues on RBA’s policy outlook.
Good to buy dips around 82.55/60, SL: 81.80, TP: 83/83.50/83.80