AUD/USD chart - Trading View
AUD/USD continues grind higher, trades shy of 0.70 handle, bias bullish.
Aussie bulls buoyed on risk-on triggered by US-China trade truce news and upbeat Chinese data.
Data published by China’s NBS showed that profits at China’s industrial firms in May rose 1.1 y/y vs. a 3.7% drop seen in April.
AUD/USD ignores Doji formation, breaks above 50-DMA on Wednesday's trade.
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 0.7104.
Support levels - 0.6962 (nearly converge 5 and 50-DMA), 0.6941 (21-EMA)
Resistance levels - 0.7035 (nearly converged cloud top and 110-EMA)
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