The Australian dollar extends advance in early European trading on Friday, following previous day’s 0.5% rally on upbeat Australian jobs data and indications that trade deal with China could be signed in early January.
Fresh bullish extension cracked strong barriers at 0.6900/04 (Fibo 61.8% of 0.6938/0.6838 / 200DMA), with eventual close above (double failure occurred on 12/13 Dec) to generate strong bullish signal.
Recent peaks at 0.6929/38 mark initial barriers, guarding weekly cloud base (0.6959) and psychological 0.70 resistance.
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Res: 0.6904, 0.6929, 0.6938, 0.6959
Sup: 0.6882, 0.6876, 0.6869, 0.6834
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