The AUD/USD pair is on a bullish track, trading below 0.7000 key resistance level, which is now limiting its gains. During the second half this week, the pair turned massively bullish on the release of Fed’s rate cut statement.
Eventually, a more than expected dovish tone dented the demand for the greenback, making it weaker against the bucket of six other currencies. While the weakness in the greenback ultimately helped AUD/USD surge to 0.7000 levels. But the AUD/USD pair is struggling to cross over 0.7000 psychological marks.
On the fundamental side, the U.S.-China trade conflict rose due to U.S. President Trump’s tweets that China had a promise with us and now China steps back from its plunge to import more U.S. farm products. For all the newbies, China is one of the biggest trading partners with Australia and any fundamental hurting China also spread its echos to Aussie.
Daily Support and Resistance
Pivot Point 0.6976
AUD/USD – Trade Tips
I would suggest staying bullish over the 20, 25 and 50 periods EMA at 0.6975 to target 0.7000 today. All the best!