FxWirePro: AUD/USD slips lower from monthly highs after weak Aussie data, coronavirus vaccine news to keep upside intact

AUD/USD chart - Trading View 

AUD/USD was trading slightly lower from monthly highs at 0.7018 after weak Australia consumer confidence data.

Data released earlier today showed Australia's consumer confidence index published by Westpac fell to -6.1% in July, almost entirely reversing the 6.1% rise seen in June. 

That said, risk-on is overshadowing the weak data as markets cheer coronavirus vaccine news. 

According to U.S. News reports, Moderna Inc.’s Covid-19 vaccine produced antibodies to the coronavirus in all patients tested in an initial safety trial.

Technical studies show potential for further upside in the pair. Momentum is bullish. Major and minor trend are also biased higher.

The pair has held support at 21-EMA at 0.6919. Weakness only on break below. Bulls target 200W SMA at 0.7264.

Heightened tension between Washington and Beijing will continues to pose a threat to risk assets. 

Major Support - 0.6919 (21-EMA)

Major Resistance - 0.7064 (June 10 high)