AUD/USD is trading in a narrow range around a two-week high. In the wake of mixed concerns over Russia-Ukraine relations, market sentiment deteriorates. Bulls are also hampered by headlines from China and cautious sentiment ahead of Xi-Biden’s call. In Friday’s Asian session, the AUD/USD price showed a three-day rebound from a monthly low after recently pulling back from an intraday low of 0.7370. –Are you interested in learning more about making money with forex? Check our detailed guide- Xi-Biden talks In anticipation of a key phone call between US President Joe Biden and his Chinese counterpart Xi Jinping over several topics, including the Ukraine-Russia crisis, the Australian dollar shows market anxiety. The Chinese Foreign Ministry confirmed that China and Russia met on March 17 to discuss security cooperation ahead of the meeting. However, Beijing has previously denied US assertions that it is willing to assist Moscow in its fight against Ukraine. Covid in China Additionally, Reuters reported that China reported 2,416 new confirmed Coronavirus cases on March 17, up from 1,317 the day before, the country’s national health agency said on Friday. There has been a steady drop in COVID-19 infections after reaching a record high over the past two days. However, reports that Shenzhen’s five districts are starting to produce again give buyers hope. Failed mediation by Turkey Turkish officials are also trying to link Russian President Putin to his Ukrainian counterpart Volodymyr Zelenskyy, but they have not been successful. Fear of a default by Russia is also compounding risk aversion. What’s next for AUD/USD price analysis? However, the AUD/USD pair found support on the back of continuing talks, an upbeat jobs report, and a weaker US dollar on unfavorable yields. Get FREE Forex Signals Now! Geopolitical news in a thin calendar will be critical for the AUD/USD rate shortly. AUD/USD price technical analysis: Bulls eying 0.7440 The AUD/USD price looks at a multi-month top around 0.7440. The pair seems strongly bullish as the 4-hour SMAs point upwards. The Aussie is currently consolidating gains around 0.7375-80 area. The broken descending trendline shows that the bulls have regained strength and may resume further upside after a mild downside correction. The volume is dropping during the consolidation phase, which indicates that the pair is looking for a catalyst to move further. –Are you interested in learning more about MT5 brokers? Check our detailed guide- AUD/USD price analysis via daily open interest The daily open interest has been falling while the pair is rising. It indicates that the sellers are taking profit while buyers are not jumping in. Hence, the upside may remain capped at certain levels. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal AUD/USD Daily Outlooks share Read Next EUR/USD Forecast: Retreating Below 1.11 amid Russia-Ukraine Woes Saqib Iqbal 9 months AUD/USD is trading in a narrow range around a two-week high. In the wake of mixed concerns over Russia-Ukraine relations, market sentiment deteriorates. Bulls are also hampered by headlines from China and cautious sentiment ahead of Xi-Biden's call. In Friday's Asian session, the AUD/USD price showed a three-day rebound from a monthly low after recently pulling back from an intraday low of 0.7370. -Are you interested in learning more about making money with forex? Check our detailed guide- Xi-Biden talks In anticipation of a key phone call between US President Joe Biden and his Chinese counterpart Xi Jinping over several… 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.