AUD/USD is extending the bullish momentum initiated on Friday from three-week lows, although the price is shy of 0.7200 handle.
Despite the reopening deal after prolonged US govt shutdown, market is still bearish for the Greenback as expectations are growing that Fed's tightening cycle is already over.
However, the uptick move in the pair lacks strong conviction as US-China trade dispute is still looming, keeping the Aussie under pressure as a Chinese proxy.
Technical Levels to Watch
Immediate support for the pair is at 0.7165 ahead of 0.7150 and then 0.7120. On the flip side, immediate resistance for the pair is at 0.7200 handle ahead of 0.7225 and then 0.7260.
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