Bulls eye 20SMA but may take a breather before resuming
The Aussie dollar consolidates under new multi-week high at 0.7175, posted on Wednesday after 0.66% advance, which generated bullish signal on break and close above thick daily cloud.
Bullish setup of daily techs supports for further upside as bulls key next key barriers at 0.7183 (Fibo 61.8% of 0.7295/0.7003 fall) and 0.7198 (200SMA).
Extended consolidation may precede fresh advance as daily stochastic is overbought and suggests price adjustment.
Broken 100SMA (0.7142) reverted to solid support and should contain extended dips to keep bulls in play.
Res: 0.7175; 0.7183; 0.7198; 0.7226
Sup: 0.7152; 0.7142; 0.7126; 0.7118