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<p style="" class="text-align-justify">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:</p><p style="" class="text-align-justify">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.</p><p style="" class="text-align-justify">The positive mood in the aussie is also helped by a more optimistic tone in the <a href="https://www.forexlive.com/terms/e/equities/" target="_blank" id="9c7de710-0fba-425c-93e5-422427b92644_1" class="terms__main-term">equities</a> space and also by earlier headlines from China <a href="https://www.forexlive.com/news/chinese-authorities-are-said-to-be-considering-a-partial-end-to-the-australian-coal-ban-20230104/" target="_blank" rel="follow">here</a>.</p><p style="" class="text-align-justify">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.</p>

                This article was written by Justin Low at www.forexlive.com.