The Australian Dollar is resting on good support at 1.0415 based on the rising trend line that dates to October 5th last year. This support line has defined the base after two rejections of 1.0600. The first was in mid-December and the second culminated on the 24th of this month.
The resistance at 1.0600 is substantial as it has survived four challenges over the past seven months and marks the top back to March of last year. The first two attempts mentioned above were preceded by a 10 day approach in August and three day try in September.
Above 1.0600 is the weak line from the 1.0625 top of September 14th and beyond are even weaker targets tops of 1.0700, 1.0745 and 1.0812 from last March.
Immediate resistance is at 1.0470 from market offers and the 55 day moving average (1.0469). The 21 day moving average at 1.0505 and more offers at 1.0500 forms another band of moderate resistance as the aussie moves higher.
The general rising trend that began at the early June low of 0.9582 has been aided by, but has not been coincident with, the gain in the euro against the U.S. Dollar since ECB President Mario Draghi promised to defend the united currency "at all costs" in July.
Beneath the current price of 1.0425 (4:30 pm ET) the 100 day moving average at 1.0417 almost coincides with and reinforces the four month rising trend line at 1.0415. There is good demand at 1.0350 and 1.3000 the latter fronted by the 200 day moving average at 1.0311.