AUD/USD staggers after recovering 0.7200

• The Aussie recovered to 0.7200 in early Monday action, but bullish momentum has stalled quickly.
• The ongoing US-China trade war remains the key market factor cutting the Aussie off at the legs.

AUD/USD remains unmoved from the 0.7200 zone, testing near 0.7220 but intraday momentum has stalled at the key figure as Pacific markets settle back down after a brief Monday recovery which saw the Aussie reclaim some 40 pips from the day’s early three-week low at 0.7178.

Australian economic data remains limited this week, though Tuesday’s early trading window will be seeing Australia’s Q3 Housing Price Index early on at 00:30 GMT, which is expected to continue contracting from -0.7% to -1.5% as investors remain bearish on Australia’s worrying housing economy, and a steepening contraction in housing prices will do little to keep the AUD upright heading into a tense week with plenty of US-China trade angst on the offering.

AUD/USD Technical Levels