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AUD/USD chart - Trading View
AUD/USD is trading in a narrow range, extends marginal gains on the day.
The pair was trading 0.15% higher on the day at 0.6927 at 04:30 GMT.
Aussie bulls failed to build on gains despite rally in iron-ore prices. Chinese futures for the ore climbed almost 5% last week to top $100 a tonne.
Political tension amid the US and China along with mounting expectations of an RBA rate cut weigh.
Price action trades shy of 21-EMA resistance at 0.6952, break above could see further upside.
Major trend in the pair is bearish. Rejection at 21-EMA could see resumption of downside.
Support levels - 0.6910 (5-DMA), 0.6846 (Converged trendline and Lower BB), 0.68
Resistance levels - 0.6952 (21-EMA), 0.70, 0.7020 (50% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
