“¢ Upbeat Chinese Caixin services PMI extends some support on Monday. “¢ A modest USD uptick/US-China trade tensions capping further gains. The AUD/USD pair struggled to register any meaningful recovery and remained within striking distance of over 2-1/2 year lows set on Friday. The pair, so far, seems to have snapped four consecutive days of losing streak and was being supported by today’s better-than-expected release of Chinese Caixin services PMI, which tends to underpin demand for the China-proxy Australian Dollar. However, a combination of negative forces kept a lid on any strong follow-through, with the pair struggling to make it through 50-hour SMA. A positive assessment of the latest US monthly employment details helped the US Dollar to gain some positive traction, which coupled with worries over escalating US-China trade tensions further contributed towards capping any meaningful up-move. With the US markets closed in observance of Columbus Day, the USD price dynamics might continue to act as an exclusive driver of the pair’s momentum through Monday’s trading session. Technical levels to watch A fresh wave of selling pressure has the potential to continue dragging the pair further towards testing the key 0.70 psychological mark, with some intermediate support near the 0.7030-25 region. On the flip side, immediate resistance is pegged near the 0.7080-85 region and is closely followed by the 0.7100 handle, above which the pair could head towards testing 0.7130-40 supply zone. 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 EUR/USD challenges the 1.1500 area, session lows FX Street 4 years "¢ Upbeat Chinese Caixin services PMI extends some support on Monday. "¢ A modest USD uptick/US-China trade tensions capping further gains. The AUD/USD pair struggled to register any meaningful recovery and remained within striking distance of over 2-1/2 year lows set on Friday. The pair, so far, seems to have snapped four consecutive days of losing streak and was being supported by today's better-than-expected release of Chinese Caixin services PMI, which tends to underpin demand for the China-proxy Australian Dollar. However, a combination of negative forces kept a lid on any strong follow-through, with the… 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.
