The Australian Dollar bulls kept the upward momentum on Wednesday after breaking over the US$0.7700 threshold and tackled the 60-day moving average (MA).
The AUD/USD pair is also posting the strongest two daily gains since late February after challenging the highest levels last seen since late March.
The US Dollar, which measures the greenback strength against a basket of currencies, has also helped the rally, as its tumbles near a three-week low of 91.54.
Earlier, the Australian Bureau of Statistics released better-than-expected March employment figures.
The Employment Change passed the 35.2K forecast and inked in a 70.7K, while the Unemployment Rate may step back from 5.8% to 5.6%.
Full time employment -20.8k s/adj, while participation rate +66.3 pct, s/adj.
In other news, U.S. Federal Reserve Chair Jerome Powell on Wednesday said the central bank will reduce its bond purchases likely well before it hikes interest rates.
“We will reach the time at which we will taper asset purchases when we have made substantial further progress towards our goals from last December,” Powell said to the Economic Club of Washington.
“That would in all likelihood be before, well before, the time we would consider raising interest rates. We have not voted on that order, but that is the sense of the guidance.”
With the downside currently negated due to the US$0.7585 rejection, we now need to monitor current levels.
Technically, a close beneath the US$0.7695 would reinstate the bearish sentiment.
However, a close above US$0.7745, would in the short-term, envisaged another upward squeeze to challenge the resistance at US$0.7770-80. Reassess from there.