AUD/USD extends rebound above 0.7100

Greenback goes into consolidation following last Friday's rally.
Chinese premier Li says China can resist downwards pressure on the economy.

Eren Sengezer FXStreet

After posting modest losses on Friday and closing flat on the weekly chart, the AUD/USD pair gained traction on Monday and was last seen trading near 0.7105, where it was up 0.32% on a daily basis.

The improved market sentiment on Monday seems to be helping the risk-sensitive AUD gather some strength. Moreover, Chinese premier Li Keqiang earlier today said that China had the ability to resist downward pressure on the economy to provide additional support to the currency. There won't be any significant macroeconomic data releases from Australia this week and the market's risk perception and the USD's performance are likely to impact the pair's price action.

Ahead of Chicago Fed's National Activity Index and Dallas Fed's Manufacturing Index, the US Dollar Index continues to fluctuate in a tight daily range a little above 96.50. Moreover, the RBA's Assistant Governor Luci Ellis is scheduled to deliver a speech later in the day.

Key technical levels

AUD/USD

Overview
Today last price	0.7105
Today Daily Change	0.0023
Today Daily Change %	0.32
Today daily open	0.7082

Trends
Daily SMA20	0.7091
Daily SMA50	0.713
Daily SMA100	0.7159
Daily SMA200	0.7215

Levels
Previous Daily High	0.712
Previous Daily Low	0.7075
Previous Weekly High	0.7168
Previous Weekly Low	0.7057
Previous Monthly High	0.7285
Previous Monthly Low	0.7053
Daily Fibonacci 38.2%	0.7092
Daily Fibonacci 61.8%	0.7103
Daily Pivot Point S1	0.7065
Daily Pivot Point S2	0.7047
Daily Pivot Point S3	0.702
Daily Pivot Point R1	0.711
Daily Pivot Point R2	0.7137
Daily Pivot Point R3	0.7155

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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