Today in the early Asian market, the AUD/USD currency pair slightly dropped by 0.3% and fluctuates near 0.6780 due to trade positive signal face overall U.S. dollar strength.
U.S. China Trade War Updates
At the Trade US-China trade front, the United States President Donald Trump carries a U-turn habitually to increase the chances of the trade deal with China, looks like to have achieved major market attention off-late while his ever, unlike the Fed Chairman Jerome Powell’s policies, failed to get noticed.
A recent warning from the International Monetary Fund to the United States and China that intensifying tariff only hurts both international and national growth.
On the flip side, the Federal Reserve monetary policy minutes of the July month keep the way open for more rate cut while analyzing the newest 0.25% rate cut as a mid-cycle adjustment.
Markets uncertainty surged recently as the United States equity benchmarks surged near 1.0% by the ending time while other side treasury yields also representing the recovery.
An escalation in the U.S. China trade war is also kept Aussie on the knees, as investors feel uncertain about the trade war future and its implications on the Australian economy. Let me remind you, China is one of the biggest trading partners with Australia which is why Aussie got big-time influence from a trade war.
Aussie Symmetric Triangle Pattern
On the 3 hour timeframe, the AUD/USD is trading sideways below 0.6800 and above 0.6745. The symmetric triangle pattern is not letting Aussie go beyond this range, however, this pattern also signifies that Aussie may break either side depending upon the nature of fundamentals.
On the lower side, AUD/USD may find support at 0.6715 while resistance is likely to stay around 0.6800 and 0.6820.
Daily Support and Resistance
Pivot Point 0.6785