AUD/USD Gained some traction on Monday, albeit lacked any strong follow-through. Friday’s upbeat NFP report, rising US bond yields continued underpinning the USD. The price action suggests that the recent AUD/USD downtrend might be far from over. The AUD/USD pair retreated around 30-55 pips from daily swing highs and refreshed daily lows, around the 0.7685 region during the early European session. The pair managed to gain some positive traction on the first day of a new trading week and built on its modest recovery from one-month lows, around the 0.7620 region touched on Friday. Stronger-than-expected Chinese trade balance data was seen as a key factor that extended some support to the China-proxy Australian dollar. The uptick, however, lacked any strong follow-through and remained capped amid sustained US dollar buying interest. The USD stood tall near three-month tops and remained well supported by the prospects for a relatively faster US economic recovery from the pandemic, which was reinforced by Friday’s upbeat US monthly jobs report. Meanwhile, the US Senate voted in favour of US President Joe Biden’s $1.9 trillion pandemic aid package and sparked another sell-off in the US fixed income market. This, in turn, pushed the yield on the benchmark 10-year US bond back closer to one-year tops, which was seen as another factor that underpinned the greenback. Apart from this, reports of attacks on Saudi Arabian oil production facilities weighed on investors’ sentiment and further collaborated to keep a lid on any gains for the perceived riskier aussie. This further suggests that the near-term bearish bias might still be far from being over and warrants caution for bullish traders. There isn’t any major market-moving US economic data due for release on Monday. Hence, the US bond yields will continue to play a key role in influencing the USD price dynamics. Traders would also take cues from the broader market risk sentiment in order to grab some short-term trading opportunities around the AUD/USD pair. 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 Forex Today: Dollar marches forward with yields, after robust NFP, stimulus progress eyed FX Street 1 year AUD/USD Gained some traction on Monday, albeit lacked any strong follow-through. Friday's upbeat NFP report, rising US bond yields continued underpinning the USD. The price action suggests that the recent AUD/USD downtrend might be far from over. The AUD/USD pair retreated around 30-55 pips from daily swing highs and refreshed daily lows, around the 0.7685 region during the early European session. The pair managed to gain some positive traction on the first day of a new trading week and built on its modest recovery from one-month lows, around the 0.7620 region touched on Friday. Stronger-than-expected Chinese trade balance data was… 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.