AUD/USD hits fresh weekly lows under 0.7100 as US dollar strengthens

• Stronger US Dollar pushes AUD/SUD further to the downside.  
• Pair having worst day since Jan 2, back under the 20-day MA.  

The AUD/USD dropped further during the American session and bottomed at 0.7080, the lowest level in almost three weeks. Near the end of the day is hovering around the lows with strong bearish pressure.  

The greenback strengthened across the board, on the back of better-than-expected US Data, and comments from US Commerce Secretary Wilbur Ross. He mentioned that the US and China “are eager to end their trade war”, but explained that the result would depend on whether China deepens its economic reforms and open its markets. Negotiators, according to Ross, will release a statement after the visit from Chinese Vice Premier Liu He (January 30-31).  

Earlier today, AUD/USD peaked at 0.7165 following the Australian employment report but from the top lost more than 80 pips, making a daily reversal. The move lower sent price under the 20-day moving average that was offering support at 0.7120. The consolation under the mentioned line could signal more weakness ahead.