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FxWirePro: AUD/USD consolidates break above 110-EMA, renewed US-China trade tensions cap upside

AUD/USD chart on Trading View used for analysis

  • AUD/USD off from session highs at 0.7325, edges further lower from 3-month highs of 0.7337 hit on Friday's trade.
     
  • The pair has broken above stiff resistance at 110-EMA and technicals are poised for further upside.
     
  • However, renewed US-China trade tensions may cap upside in the pair.
     
  • U.S. Vice President Mike Pence reaffirmed over the weekend that America has no intention of changing course on China until China makes massive, structural changes to their economy.
     
  • The US is slated to "more than double" current tariffs on China, lifting the targeted tariff rate to 25% across the board.
     
  • Technical studies support upside, but break below 110-EMA could see some weakness.
     
  • Focus on the Reserve Bank of Australia's latest Meeting Minutes slated for late Monday (early Tuesday in GMT).

Support levels - 0.7280 (110-EMA), 0.7210 (21-EMA), 0.7184 (20-DMA)

Resistance levels - 0.7381 (Aug 21 high), 0.7447 (converged 200-DMA and 38.2% Fib), 0.75

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-rallies-on-impressive-jobs-report-tests-110-EMA-at-07278-stay-long-on-break-above-1458633) has hit TP1.

Recommendation: Book partial profits. Stay long for further upside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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