AUD/USD slides to 0.6820 horizontal support

AUD/USD remains on the defensive amid persistent US-China trade uncertainty.
The USD fails to capitalize on the post-NFP positive move and might lend support.
The market focus now shifts to the latest FOMC policy update, due later this week.

Haresh Menghani FXStreet

The AUD/USD pair refreshed daily lows during the early European session on Monday and is currently placed near the 0.6820 horizontal support.

The pair failed to capitalize on its early uptick, rather met with some fresh supply and extended Friday's post-NFP pullback from the 0.6855-60 supply zone. It is worth recalling that the latest US monthly employment details showed that employers added 266K jobs in November and unemployment rate unexpectedly dipped to 3.5%, which provided a goodish lift to the US dollar and exerted some pressure on the major.

Weighed down by trade uncertainty

The USD struggled to build on the previous session's positive momentum, albeit persistent uncertainty over phase one US-China trade deal turned out to be one of the key factors weighing on the China-proxy Australian dollar. In the latest development, top White House Economic Adviser Larry Kudlow confirmed on Friday that the December 15 deadline to impose the new tariffs on Chinese products remains in place.

Despite the pullback, the pair remains well within a familiar trading range held over the past four trading sessions. Hence, it will be prudent to wait for some strong follow-through selling before positioning for any further near-term depreciating move amid absent relevant market-moving economic releases on Monday. Meanwhile, the key focus will remain on the latest FOMC monetary policy update, due later this week.

Technical levels to watch

AUD/USD

Overview
Today last price	0.6822
Today Daily Change	-0.0018
Today Daily Change %	-0.26
Today daily open	0.684

Trends
Daily SMA20	0.6811
Daily SMA50	0.6813
Daily SMA100	0.6812
Daily SMA200	0.6915

Levels
Previous Daily High	0.6858
Previous Daily Low	0.6823
Previous Weekly High	0.6863
Previous Weekly Low	0.6762
Previous Monthly High	0.6929
Previous Monthly Low	0.6754
Daily Fibonacci 38.2%	0.6844
Daily Fibonacci 61.8%	0.6836
Daily Pivot Point S1	0.6823
Daily Pivot Point S2	0.6806
Daily Pivot Point S3	0.6788
Daily Pivot Point R1	0.6857
Daily Pivot Point R2	0.6875
Daily Pivot Point R3	0.6892

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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