AUD/USD pulls away from daily highs as DXY recovers above 96.30
- Trade optimism helps the AUD gather strength on Monday.
- US Dollar Index continues to erase daily losses.
The AUD/USD pair started the week on a positive note as the U.S. President Trump's comments on the trade negotiations with China provided a boost to the trade-sensitive currencies such as the AUD. After climbing to 0.7070 handle, however, the pair struggled to push higher as the thin trading conditions kept price movements limited on Monday. As of writing, the pair was trading at 0.7043 and was flat on the day.
"Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!" President Trump tweeted out on Saturday.
On the other hand, following a drop to a fresh multi-week low of 96.12 earlier in the day, the US Dollar Index staged a modest recovery in the second half of the day to force the pair to reverse its direction and was last seen down only 0.05% on the day at 96.34.
Technical levels to consider
Today Last Price: 0.7042
Today Daily change: 3.0 pips
Today Daily change %: 0.0426%
Today Daily Open: 0.7039
Previous Daily SMA20: 0.7163
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7196
Previous Daily SMA200: 0.736
Previous Daily High: 0.707
Previous Daily Low: 0.7019
Previous Weekly High: 0.7078
Previous Weekly Low: 0.7014
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7051
Previous Daily Fibonacci 61.8%: 0.7038
Previous Daily Pivot Point S1: 0.7015
Previous Daily Pivot Point S2: 0.6992
Previous Daily Pivot Point S3: 0.6964
Previous Daily Pivot Point R1: 0.7066
Previous Daily Pivot Point R2: 0.7094
Previous Daily Pivot Point R3: 0.7117