“¢ Better NAB business survey results prompted some short-covering move. “¢ A modest USD retracement/US-China trade optimism remained supportive. The AUD/USD pair gained some positive traction on Tuesday and recovered a major part of the previous session’s downfall to over one-month lows. The pair caught some bids and snapped four consecutive days of losing streak following the release of slightly better National Australia Bank (NAB) survey results, showing that business confidence index improved slightly from +3 in December to +4 in January and business conditions index also rose from +2 in December to +7 in January. Against the backdrop of some renewed US-China trade optimism, especially after White House senior counsellor Kellyanne Conway’s comments on Monday underpinned the China-proxy Australian Dollar and helped the pair to stage a goodish intraday bounce of around 30-pips from slightly oversold conditions. The uptick remained support by a modest US Dollar retracement, though further gains remained capped amid a sharp corrective slide in the Iron ore prices, which fell around 4% on Tuesday after rocketing to multi-year highs in the previous session, and kept a lid on any runaway rally for the commodity-linked Aussie. It would now be interesting to see if the pair is able to build on the recovery move or the uptick is seen as an opportunity to initiate some fresh bearish positions as investors are likely to remain nervous ahead of the upcoming high-level US-China trade talks. In the meantime, today’s scheduled speeches by several FOMC officials, including the Fed Chair Jerome Powell will now be looked upon for some meaningful impetus later during the North-American session. This coupled with this week’s important US macro data will play an important role in determining the pair’s near-term trajectory. Technical levels to watch Immediate resistance is pegged near the 0.7100 handle, above which a fresh bout of short-covering could lift the pair further towards 0.7145 horizontal level en-route 100-day SMA barrier near the 0.7170 region. On the flip side, the 0.7060-55 region now becomes immediate support to defend, which if broken might turn the pair vulnerable to aim towards challenging the key 0.70 psychological mark. 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 GBP/USD continues to weigh on the downside – Commerzbank FX Street 3 years "¢ Better NAB business survey results prompted some short-covering move. "¢ A modest USD retracement/US-China trade optimism remained supportive. The AUD/USD pair gained some positive traction on Tuesday and recovered a major part of the previous session's downfall to over one-month lows. The pair caught some bids and snapped four consecutive days of losing streak following the release of slightly better National Australia Bank (NAB) survey results, showing that business confidence index improved slightly from +3 in December to +4 in January and business conditions index also rose from +2 in December to +7 in January.… 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.