The anticipated AUD/USD bounce is extending, with prices reaching congestion around 0.7500.
A short-term corrective pullback is possible, as overbought daily studies unwind, but rising momentum studies and bullish development on the Tension Indicator, not shown, should limit any setbacks as investors adopt a buy-into-weakness strategy.
A break above the 0.7542, (61.8%) retracement of the November-December fall is now looked for, with subsequent gains to then target congestion around 0.7600 where renewed consolidation could develop.
Support is raised to congestion around 0.7400 but any slippage beneath here is expected to stabilise above the 0.7284 low of 9 January, as background studies show signs of improvement.