FxWirePro: AUD/USD extends 6-day winning streak, upbeat data and risk-on buoy Aussie bulls
AUD/USD chart - Trading View
AUD/USD was trading 0.25% higher on the day at 0.6960 at around 04:55 GMT, bias is bullish.
Upbeat second-tier data out of Australia and risk-on market sentiment keep the pair supported.
Australia’s TD Securities Inflation for June flashed upbeat figures with the YoY statistics crossing 0.1% prior to 0.7%. The MoM print reversed the previous -1.2% contraction with +0.6% figures.
Further, the ANZ Job Advertisements also surged in May, gaining a whopping 42% versus 0.5% prior on MoM.
Technical bias for the pair is bullish. Scope for gains till upper weekly Bollinger band at 0.7163.
Price action has broken strong resistance at 110W EMA at 0.6933. Decisive break above will see upside continuation.
On the flipside, 21-EMA is strong support at 0.6875. Minor weakness on break below. Major weakness only on breach below 200-DMA.
Major Support - 0.6875 (21-EMA)
Major Resistance - 0.7163 (Upper W BB)