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


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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