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AUD/USD flat-lined below 0.7200 handle

   •  Renewed US-China trade optimism prompted some short-covering on Thursday.
   •  The uptick seemed to lack any strong follow-through amid a modest USD strength.

The AUD/USD pair struggled to build on the overnight goodish rebound from one-week lows and was seen oscillating in a narrow trading band, around the 0.7200 handle.

The latest optimism over progress in the US-China trade talks, following a report that said US Treasury Secretary Steven Mnuchin was considering easing tariffs on Chinese products, provided a strong boost to the China-proxy Aussie and prompted some short-covering during the US trading session on Thursday.

The pair rallied to an intraday high level of 0.7221 in reaction to the headlines but trimmed some of the daily gains after the Treasury Department quickly denied the news, with a modest US Dollar uptick, also supported by upbeat US economic data, further collaborated towards capping any additional strong up-move.

In absence of any major market moving economic releases from the US, the USD price dynamics might continue to act as an exclusive driver of the pair's momentum on the last trading day of the week. 

Technical levels to watch

AUD/USD

Overview:
    Today Last Price: 0.7195
    Today Daily change: -1 pips
    Today Daily change %: -0.0278%
    Today Daily Open: 0.7197
Trends:
    Daily SMA20: 0.7105
    Daily SMA50: 0.7184
    Daily SMA100: 0.7172
    Daily SMA200: 0.732
Levels:
    Previous Daily High: 0.7222
    Previous Daily Low: 0.7146
    Previous Weekly High: 0.7236
    Previous Weekly Low: 0.7089
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Daily Fibonacci 38.2%: 0.7193
    Daily Fibonacci 61.8%: 0.7175
    Daily Pivot Point S1: 0.7155
    Daily Pivot Point S2: 0.7112
    Daily Pivot Point S3: 0.7079
    Daily Pivot Point R1: 0.7231
    Daily Pivot Point R2: 0.7264
    Daily Pivot Point R3: 0.7307

 

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