FxWirePro: AUD/USD struggles at 0.70 handle, bias bullish, scope for test of 100-DMA at 0.7035

AUD/USD chart - Trading View 

AUD/USD struggles to extend gains beyond the 0.70 handle. Technical bias remains bullish.

Data released earlier today showed Australia's private sector credit rose 3.6% y/y in May, compared to 3.7% in the preceding month.

On a month-on-month basis, the metric rose 0.2%, missing the estimated growth of 0.3%.

Looming uncertainty over a US-China trade deal and uninspiring Australian data fail to provide support.

Price action has broken into daily cloud and technical indicators support further gains.

Stochs and RSI are sharply higher and MACD shows bullish crossover on signal line.

Next bull target lies at 110-EMA at 0.7033. Further upside could see test of 200-DMA at 0.7103.

Focus on Trump-Xi trade meeting at G20 summit and U.S. PCE data for further impetus.

Support levels - 0.6984 (5-DMA), 0.6949 (21-EMA), 0.69

Resistance levels - 0.7035 (converged cloud top and 100-DMA), 0.71 (200-DMA), 0.7125 (Trendline)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.