AUD/USD stays pressured towards 0.7350 with eyes on Xi-Biden talks

AUD/USD remains depressed inside a choppy range around two-week top.
Market sentiment turns sour amid mixed concerns over Russia-Ukraine.
China headlines, cautious mood ahead of Xi-Biden call also challenge bulls.

Anil Panchal FXStreet

AUD/USD snaps three-day rebound from a monthly low during Friday’s Asian session, recently sidelined near the intraday low of 0.7370.

In doing so, the Aussie pair portrays the market’s anxiety ahead of the key telephone call between US President Joe Biden and his Chinese counterpart Xi Jinping, over multiple issues including the Ukraine-Russia crisis.

Ahead of the meeting, China’s Foreign Ministry confirmed that China and Russia met on March 17 to discuss security cooperation. It’s worth noting that Beijing previously denied the US allegations of readiness to help Moscow in the battle with Ukraine.

On a different page, Reuters mentioned that China reported 2,416 new confirmed coronavirus cases on March 17, the country's national health authority said on Friday, compared with 1,317 a day earlier.” It’s worth noting that the COVID-19 daily infections were easing in the last two days from the record top. On the contrary, reports of factory production restart in five districts of Shenzen keep buyers hopeful.

Elsewhere, Turkey is also trying to connect Russian President Putin and his Ukrainian counterpart Volodymyr Zelenskyy but hasn’t got any confirmation. Adding to the risk-off mood are the fears of Russian default.

However, the continuation of the talks and upbeat Aussie jobs report, coupled with the softer USD due to the downbeat yields, put a floor under the AUD/USD prices.

Moving on, geopolitical updates will be crucial for the AUD/USD prices amid a light calendar ahead.

Technical analysis

Should the AUD/USD prices drop below the 0.7370 immediate range support, a downward trajectory towards the 200-DMA level near 0.7300 can’t be ruled out. Alternatively, an ascending trend line from January 13, close to the 0.7400 threshold by the press time, challenges the pair’s upside moves.

Additional important levels

Overview
Today last price	0.7373
Today Daily Change	-0.0002
Today Daily Change %	-0.03%
Today daily open	0.7375

Trends
Daily SMA20	0.7267
Daily SMA50	0.7202
Daily SMA100	0.7218
Daily SMA200	0.7304

Levels
Previous Daily High	0.7394
Previous Daily Low	0.7282
Previous Weekly High	0.7441
Previous Weekly Low	0.7244
Previous Monthly High	0.7286
Previous Monthly Low	0.7032
Daily Fibonacci 38.2%	0.7351
Daily Fibonacci 61.8%	0.7324
Daily Pivot Point S1	0.7306
Daily Pivot Point S2	0.7238
Daily Pivot Point S3	0.7194
Daily Pivot Point R1	0.7419
Daily Pivot Point R2	0.7463
Daily Pivot Point R3	0.7531

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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