Sunday , November 29 2020

Buyers and sellers pushed around 0.7100 in commercial optimism

  • The positive developments surrounding trade discussions between the United States and China face the total USD.
  • 0.7150 and 0.7060 can entertain merchants during the negotiation interval of 0.7100-0.7130.

AUD / USD is in the proposals around 0.7100 during the first Asian session on Monday. The appointment has been fighting recently between 0.71 and 0.730, while trade talks between China and the United States face the strength of the US dollar (USD). Factory orders and factory announcements from Australia in the United States could participate in trade-related news reports to entertain Australian retailers.

The positive developments around its largest customer, China, have pleased Australian dollar traders (AUD) of arrears. Welcome to the index of purchasing managers (PMI) or successful business discussions with the U.S. U., China probably goes back to his track after attending a few months of inactivity.

Recently, state-owned CCTV China has reported that the United States and China have made "new progress" during the last round of commercial negotiations. The news report also said that both parties were working on a text project that included technology transfers, protection of IP rights, services, agriculture, trade balance and implementation.

At the end of the draft text on the agreement, United States President Donald Trump and his Chinese counterpart Xi Jinping will meet to announce the end of the fierce commercial war between them. However, there are many uncertainties in the way that continue to emphasize the preference of investments by paradises.

In case of data, the ANZ job announcements in March of March and US factory orders for February could get market attention. Job listings were disappointing and dropped by -0.9% during February, while factory orders could fall by -0.6% compared to + 0.1% in the previous month.

Technical Analysis AUD / USD

Not only is the resistance of 0.7130 that is limiting the advances of the pair from the beginning of the month, but a long downward trend of seven weeks around 0.7145 / 50 could also challenge Australian buyers. If prices have risen beyond 0.7150, 0.7170 and 0.7200, the bulls may be asked.

Meanwhile, 0.7100 continue to be an important short-term support ahead of 0.7070 and an upward trend line of five weeks at 0.7060.

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