AUD/USD gained some strong positive traction on Monday amid the upbeat market mood. The USD retreated further from three-week tops and remained supportive of the move up. Worsening US-China relations might keep a lid on any strong rally for the China-proxy aussie. The intraday USD selling bias picked up pace in the last hour and lifted the AUD/USD pair to fresh session tops, around the 0.6470-80 region. Having shown some resilience near the 0.6400 round-figure mark, the pair caught some aggressive bids on Monday and was being supported by a strong risk-on rally across the global equity markets. The global risk sentiment remained well supported by the latest optimism over the easing of lockdown restriction in some parts of the world and got an additional boost from hopes for additional stimulus. The upbeat mood undermined the US dollar’s perceived safe-haven demand and turned out to be one of the key factors that provided a strong lift to perceived riskier currencies, including the aussie. The USD extended the Friday’s intraday pullback from three-week tops and seemed rather unimpressed by the Fed Chair Jerome Powell’s optimistic comments about the US economy over the weekend. It, however, remains to be seen if the pair is able to capitalize on the momentum or runs into some fresh supply at higher levels amid mounting fears over the second wave of coronavirus infections. This coupled with worsening US-China relations might further hold investors from placing any aggressive bullish bets around the China-proxy Australian dollar and cap gains for the AUD/USD pair. Even from a technical perspective, the pair is likely to confront resistance near the top end of a one-week-old descending trend-channel, which coincides with 100-day SMA important pivotal point. In the absence of any major market-moving economic releases, it will be prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Silver New York Price Forecast: XAG/USD trades off 10-week highs FX Street 2 years AUD/USD gained some strong positive traction on Monday amid the upbeat market mood. The USD retreated further from three-week tops and remained supportive of the move up. Worsening US-China relations might keep a lid on any strong rally for the China-proxy aussie. The intraday USD selling bias picked up pace in the last hour and lifted the AUD/USD pair to fresh session tops, around the 0.6470-80 region. Having shown some resilience near the 0.6400 round-figure mark, the pair caught some aggressive bids on Monday and was being supported by a strong risk-on rally across the global equity markets. The global… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
