9 June, 2017
The Australian dollar remains steady against the greenback on Thursday and holding near previous day’s fresh recovery high at 0.7566, showing no stronger negative impact on downbeat Australian trade data. Australian trade surplus narrowed to 0.56 billion in April, falling well below the forecast at 1.91 billion and 3.11 million AUD surplus in March. The pair is holding within daily cloud, with cloud base offering solid support at 0.7525, reinforced by 200SMA, where today’s dips were contained. However, gains remain capped by 100SMA (0.7556) which was briefly dented on Wednesday. Overall bullish structure suggests further upside, however, bulls could be delayed for correction on strongly overbought slow stochastic on daily chart. Extended pullback should be ideally contained at 0.7500 zone (55SMA / Fibo 38.2% of 0.7369/0.7566 upleg) to keep bullish structure intact and avert deeper correction, as the pair is on track for strong weekly bullish close.
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