AUD/USD struggles near multi-month lows, just above mid-0.6800s


  • US-China trade tensions continue to weigh on the Australian Dollar.
  • Dismal US data-led intraday uptick turns out to be rather short-lived.
  • Tuesday’s RBA policy meeting minutes eyed for some short-term impetus.

The AUD/USD pair held on to its offered tone through the early North-American session and remained within striking distance of multi-month lows set on Friday.

After an early uptick to an intraday high level of 0.6885, the pair met with some fresh supply and drifted into the negative territory for the fourth consecutive session on Monday.

The pair did get a minor lift amid a modest US Dollar weakness following the disappointing release of Empire State Manufacturing Index, albeit once again failed to capitalize on the move.

Sentiment surrounding the China-proxy Australian Dollar remained fragile amid growing concerns over a further escalation in the trade tensions between the world's two largest economies.

Hence, a follow-through weakness, led by some technical selling below multi-month lows near the 0.6860 region, remains a distinct possibility ahead of Tuesday's RBA policy meeting minutes.

The key focus, however, will remain on the latest FOMC monetary policy update, scheduled to be announced on Wednesday, which will help investors to determine the pair's near-term trajectory.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6865
Today Daily Change -0.0007
Today Daily Change % -0.10
Today daily open 0.6872
 
Trends
Daily SMA20 0.6933
Daily SMA50 0.7004
Daily SMA100 0.7061
Daily SMA200 0.7115
Levels
Previous Daily High 0.6919
Previous Daily Low 0.6861
Previous Weekly High 0.7009
Previous Weekly Low 0.6861
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6883
Daily Fibonacci 61.8% 0.6897
Daily Pivot Point S1 0.6849
Daily Pivot Point S2 0.6825
Daily Pivot Point S3 0.679
Daily Pivot Point R1 0.6907
Daily Pivot Point R2 0.6942
Daily Pivot Point R3 0.6966

 

 

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