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  • US-China trade optimism continues to underpin the China-proxy Aussie.
  • Sustained move beyond 0.6880 hurdle needed to confirm bullish bias.

The AUD/USD pair added to last week’s strong recovery gains and continued gaining positive traction for the fifth consecutive session on Monday. The positive momentum lifted the pair to over one-month tops, with bulls now awaiting a follow-through up-move beyond 50-day SMA resistance.


 


The mentioned hurdle is closely followed by 50% Fibo. level of the 0.7082-0.6677 downfall, around the 0.6880 region, which if cleared decisively should pave the way for an extension of the recent upward trajectory, even beyond the 0.6900 handle, towards testing the 0.6925 resistance – 61.8% Fibo. level.


 


Meanwhile, technical indicators on the daily chart have just started gaining positive traction and further reinforce the constructive outlook amid renewed optimism over the US-China trade talks, albeit slightly overbought conditions on the 4-hourly chart might turn out to be the only factor capping gains.


 


Hence, it will be prudent to wait for a sustained move beyond the mentioned hurdle before positioning for any further near-term appreciating move as investors now seemed to move on the sideline ahead of the next key event risk – the highly anticipated FOMC monetary policy meeting on September 17-18.

AUD/USD daily chart

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AUD/USD

Overview
Today last price 0.6857
Today Daily Change 0.0013
Today Daily Change % 0.19
Today daily open 0.6844
 
Trends
Daily SMA20 0.6767
Daily SMA50 0.6866
Daily SMA100 0.6914
Daily SMA200 0.7024
Levels
Previous Daily High 0.6862
Previous Daily Low 0.6806
Previous Weekly High 0.6862
Previous Weekly Low 0.6687
Previous Monthly High 0.6869
Previous Monthly Low 0.6676
Daily Fibonacci 38.2% 0.6841
Daily Fibonacci 61.8% 0.6827
Daily Pivot Point S1 0.6812
Daily Pivot Point S2 0.6781
Daily Pivot Point S3 0.6756
Daily Pivot Point R1 0.6868
Daily Pivot Point R2 0.6893
Daily Pivot Point R3 0.6924

 

 

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