The Australian dollar holds in tight range on Thursday, following bearish close below near-term congestion floor / 100SMA support (0.7176) on Wednesday, as rising thick 4-hr cloud (0.6970/0.7178) limits dips and strongly underpins.
Near-term action is moving around converging 10/100SMA’s and maintaining strong bullish momentum which prevents deeper pullback after repeated rejections at daily cloud base at 0.7207, as bulls peaked at 0.7235 but failed to register clear break above cloud base.
Daily techs are mixed and look for firmer direction signals which could be generated on extension below 20SMA at 0.7110 (bearish) of lift and close above daily cloud base / 0.7235 peak (bullish).
Res: 0.7175, 0.7207, 0.7235, 0.7282
Sup: 0.7140, 0.7110, 0.7033, 0.7000
