The pair is trading up to its highest in three weeks, up over 2% against the dollar to 0.6870 levels on the day. But perhaps more importantly, we are seeing buyers take a run above the recent key trendline resistance (white line) as well as the 200-day moving average (blue line), seen at 0.6850:
The 13 December high stands at 0.6893 and if we do see a daily close above the key technical levels pointed out, that's a major win for buyers in search of the next upside leg towards 0.7000.
The positive mood in the aussie is also helped by a more optimistic tone in the equities space and also by earlier headlines from China here.
Besides that, the surge higher also comes as the dollar takes a plunge across the board as it gives it all back after yesterday's hot start to the new year.
