The Australian dollar eases on Thursday as risk sentiment fades but maintains bullish bias after Wednesday’s action hit five-week high and registered marginal close above psychological 0.70 barrier. Labor data from Australia showed mixed signals as employment rose well above forecast but unemployment hit the lowest since 1998. Current move is seen as positioning ahead of fresh push higher, with rising 10DMA (0.6964) to ideally contain. However, stronger hesitation at 0.70 barrier with extended dips, cannot be ruled out. Rising 20DMA and Tuesday’s low (0.6924/21) mark pivotal supports and need to hold and keep bulls in play. US jobless claims, retail sales and Philly Fed Manufacturing index are in focus today and may provide stronger direction signals.
Res: 0.7000, 0.7013, 0.7037, 0.7064
Sup: 0.6976, 0.6964, 0.6924, 0.6900