Improvement in risk appetite has pushed the cross from 1.0340 to levels just shy of 1.0380, ahead of the RBA minutes to be published tomorrow. It is worth noting the central bank has left the repo rate unchanged at 3.25% in its last meeting, backed by better-than-expected domestic data and improvement in the Chinese prospects.
The cross is now up 0.20% at 1.0373
Next resistance levels are located at 1.0385 (MA10d) followed by 1.0420 (hourly high/lows Nov.14).
On the opposite direction, support levels lie at 1.0310 (hourly highs/lows Nov.16) followed by 1.0281 (Lower Bollinger) and 1.0255 (low Oct.24).