Trade optimism keeps the Aussie inflated
The Australian dollar extends advance in early European trading on Friday, following previous day’s 0.5% rally on upbeat Australian jobs data and indications that trade deal with China could be signed in early January.
Fresh bullish extension cracked strong barriers at 0.6900/04 (Fibo 61.8% of 0.6938/0.6838 / 200DMA), with eventual close above (double failure occurred on 12/13 Dec) to generate strong bullish signal.
Recent peaks at 0.6929/38 mark initial barriers, guarding weekly cloud base (0.6959) and psychological 0.70 resistance.
Res: 0.6904; 0.6929; 0.6938; 0.6959
Sup: 0.6882; 0.6876; 0.6869; 0.6834