Bulls penetrate daily cloud and eye key barriers at 0.7022/41 zone
The Australian dollar maintains firm tone and penetrates thick daily cloud in early trading on Thursday, after false break on Wednesday.
The pair is holding around new 2 ½ week high at 0.6999 and strongly pressuring psychological 0.70 barrier, boosted optimistic tones about US/China trade talks.
Weaker momentum and overbought stochastic so far did not affect bulls, but consolidation / positioning before attacking key barriers at 0.7022 (7 June high); 0.7035 (daily cloud top) and 0.7041 (weekly cloud base) cannot be ruled out.
Broken Fibo 76.4% barrier (0.6977) should ideally contain dips.
Res: 0.7000; 0.7022; 0.7035; 0.7041
Sup: 0.6988; 0.6977; 0.6949; 0.6937