AUD/USD surrenders early modest gains, turns flat around 0.6720 level


  • AUD/USD Fails to capitalize on the early uptick and remained capped below mid-0.6700s.
  • Bulls seemed rather unimpressed by the prevailing risk-on mood, subdued USD demand.
  • The focus now shifts to the latest RBA monetary policy meeting minutes, due on Tuesday.

The AUD/USD pair slipped back closer to the lower end of its daily trading range, albeit has still managed to hold its neck above the 0.6700 round-figure mark.

The China-proxy aussie failed to capitalize on its early attempted positive move against its American counterpart and remained capped below last week's swing high level of 0.6750.

Traders preferred to stay on the sidelines

Investors looked past the latest monetary stimulus by the People’s Bank of China, which added to its extensive measures and lowered the medium-term financing rate to a new record low.

The pair also failed to benefit from improving global risk sentiment, which tends to drive flows towards perceived riskier currencies like the Australian dollar, and a subdued US dollar demand.

Market participants seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines amid relatively thin liquidity conditions on the back of a bank holiday in the US.

In absence of any fresh fundamental catalyst, the pair seems more likely to extend its consolidative price action ahead of the release of the latest RBA monetary policy meeting minutes on Tuesday.

Technical levels to watch

AUD/USD

Overview
Today last price 0.672
Today Daily Change 0.0005
Today Daily Change % 0.07
Today daily open 0.6715
 
Trends
Daily SMA20 0.6753
Daily SMA50 0.6847
Daily SMA100 0.683
Daily SMA200 0.6856
 
Levels
Previous Daily High 0.6732
Previous Daily Low 0.6708
Previous Weekly High 0.6751
Previous Weekly Low 0.6661
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6717
Daily Fibonacci 61.8% 0.6723
Daily Pivot Point S1 0.6705
Daily Pivot Point S2 0.6694
Daily Pivot Point S3 0.6681
Daily Pivot Point R1 0.6729
Daily Pivot Point R2 0.6742
Daily Pivot Point R3 0.6753

 

 

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