AUD/USD technical analysis: Sits near 1-month tops, bulls challenge 50-day SMA

• US-China trade optimism continues to underpin the China-proxy Aussie.
• Sustained move beyond 0.6880 hurdle needed to confirm bullish bias.

The AUD/USD pair added to last week’s strong recovery gains and continued gaining positive traction for the fifth consecutive session on Monday. The positive momentum lifted the pair to over one-month tops, with bulls now awaiting a follow-through up-move beyond 50-day SMA resistance.
 
The mentioned hurdle is closely followed by 50% Fibo. level of the 0.7082-0.6677 downfall, around the 0.6880 region, which if cleared decisively should pave the way for an extension of the recent upward trajectory, even beyond the 0.6900 handle, towards testing the 0.6925 resistance – 61.8% Fibo. level.
 
Meanwhile, technical indicators on the daily chart have just started gaining positive traction and further reinforce the constructive outlook amid renewed optimism over the US-China trade talks, albeit slightly overbought conditions on the 4-hourly chart might turn out to be the only factor capping gains.
 
Hence, it will be prudent to wait for a sustained move beyond the mentioned hurdle before positioning for any further near-term appreciating move as investors now seemed to move on the sideline ahead of the next key event risk – the highly anticipated FOMC monetary policy meeting on September 17-18.

AUD/USD daily chart