- Trade optimism helps the AUD gather strength on Monday.
- US Dollar Index continues to erase daily losses.
The AUD/USD pair started the week on a positive note as the U.S. President Trump's comments on the trade negotiations with China provided a boost to the trade-sensitive currencies such as the AUD. After climbing to 0.7070 handle, however, the pair struggled to push higher as the thin trading conditions kept price movements limited on Monday. As of writing, the pair was trading at 0.7043 and was flat on the day.
"Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!" President Trump tweeted out on Saturday.
On the other hand, following a drop to a fresh multi-week low of 96.12 earlier in the day, the US Dollar Index staged a modest recovery in the second half of the day to force the pair to reverse its direction and was last seen down only 0.05% on the day at 96.34.
Technical levels to consider
AUD/USD
Overview:
Today Last Price: 0.7042
Today Daily change: 3.0 pips
Today Daily change %: 0.0426%
Today Daily Open: 0.7039
Trends:
Previous Daily SMA20: 0.7163
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7196
Previous Daily SMA200: 0.736
Levels:
Previous Daily High: 0.707
Previous Daily Low: 0.7019
Previous Weekly High: 0.7078
Previous Weekly Low: 0.7014
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7051
Previous Daily Fibonacci 61.8%: 0.7038
Previous Daily Pivot Point S1: 0.7015
Previous Daily Pivot Point S2: 0.6992
Previous Daily Pivot Point S3: 0.6964
Previous Daily Pivot Point R1: 0.7066
Previous Daily Pivot Point R2: 0.7094
Previous Daily Pivot Point R3: 0.7117
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.