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AUD / USD Current Price: 0.7131
- The minutes of the RBA would probably offer an accommodating attitude on the part of the decision-makers.
- Base metals advanced, limiting the decline of Aussie this Monday.
The Australian dollar started the day against its American rival, optimistic about the rise in US-China trade, although the pair reduced its daily gains and turned negative before London closed. Metals traded higher on Monday, with copper adding 0.3% on a daily basis and spot gold reaching a new annual high of $ 1,327.60 per troy ounce, now the pair. USD above the figure of 0.7100. The upward movement was out of place considering the pair peaked for the day at 0.7160, just 25 pips off Friday's close. Macroeconomic data was not released at the last Asian session, although next year the RBA will publish the minutes of its last meeting. The paper should reflect the shift to a more accommodative stance in the face of growing concerns about the performance of the housing sector.
The 4 hour chart shows that the pair struggled around its 100 DMA for most of the day before finally giving up, now closer to a slightly bullish VMA. The technical indicators over the period mentioned have moved away from their daily highs, with the RSI nowhere around 53 and the Momentum slackening to positive levels, distorting the downside risk without confirming it. For the pair to become bearish, the 0.7070 level should give up.
Support levels: 0.7100 0.7070 0.7030
Resistance levels: 0.7145 0.7190 0.7225
View live chart for AUD / USD
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