The Australian dollar maintains firm tone and penetrates thick daily cloud in early trading on Thursday, after false break on Wednesday.

The pair is holding around new 2 ½ week high at 0.6999 and strongly pressuring psychological 0.70 barrier, boosted optimistic tones about US/China trade talks.

Weaker momentum and overbought stochastic so far did not affect bulls, but consolidation/positioning before attacking key barriers at 0.7022 (7 June high), 0.7035 (daily cloud top) and 0.7041 (weekly cloud base) cannot be ruled out.

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Broken Fibo 76.4% barrier (0.6977) should ideally contain dips.

Res: 0.7000, 0.7022, 0.7035, 0.7041
Sup: 0.6988, 0.6977, 0.6949, 0.6937


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