Bulls approach key barrier as strong risk sentiment ignores negative news
The Australian dollar probes above psychological 0.70 barrier for the first time since early June and hits one-month high at 0.7037 vs its US counterpart.
Growing hopes on Covid-19 vaccine boost strongly risk sentiment, offsetting negative impact from sharp drop in Australia’s consumer confidence and persisting US-China tensions, keeping the Aussie inflated.
Bulls remain confident and supported by daily studies in full bullish setup, looking for test of key barrier at 0.7064 (10 June high).
Today’s close above 0.70 marks is needed to confirm bullish stance, although hesitation at 0.7064 target and corrective dips, which are expected to provide better buying opportunities, cannot be ruled out.
Res: 0.7064; 0.7082, 0.7100; 0.7131
Sup: 0.7000; 0.6977; 0.6960; 0.6921
