FXstreet.com (Barcelona) - Australian Dollar has rallied sharply during European session and rebound at 0.8565 Tuesday's low has extended above 0.8675 resistance area to reach a fresh 12-month high at 0.8730, the Aussie trades at the moment, at 0.8715,; 1.0% above its day opening price.

On a longer perspective, Karen Jones, technical analyst at Commerzbank affirms that the Aussie's next resistance area lies at 0.8875: AUD/USD has maintained upside pressure and we have no resistance of note until .8875/July 2007 high then .9000/30, the 78.6% retracement of the 2008 -2009 sell off.

On the downside, Jones sees the Aussie bullish while above 1.8400: A bullish bias will remain while above trendline support at .8400. Initial support at .8480/.8540 maintains immediate upside pressure.