Extended consolidation on track to leave fourth consecutive Doji
The Australian dollar continues to move within narrow range against its US counterpart and on track to leave the fourth consecutive Doji candle that signals strong indecision.
Mixed daily techs add to neutral near-term tone, as extended consolidation after March-June 0.5509/0.7064 advance, remains within established range that is positive signal.
The pullback was so far shallow and holding well above pivotal supports at 0.6697 (Fibo 23.6% of 0.5509/0.7064) and 0.6665 (200DMA) that keep the action biased higher.
Traders focus this week’s releases of global PMI’s and US jobs data which could provide clearer direction signals, however, remain cautious about lower volumes due to US independence day holiday.
Res: 0.6885; 0.6904; 0.6974; 0.7000
Sup: 0.6819; 0.6776; 0.6697; 0.6665