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AUD/USD struggled for a clear direction Monday as participants assessed conflicting signals. A tailwind from firmer oil prices was counterbalanced by concerns surrounding simmering U.S.-China tensions and global coronavirus situation. The rage finished slightly below neutral levels.
- AUD/USD trades flat at $0.7149, with bears looking at Aug 3 low of $0.7077 to start with. A break below that level would open up Jul 24 low of $0.7064. Bulls keep an eye on Aug 5/7 highs of $0.7241/43 and a rally above those levels would expose Feb 2019 high of $0.7284.
- NAB Business Confidence and weekly payroll jobs & wages data headline in Australia today. Later in the week, focus moves to Westpac Consumer Confidence & wage price index (Wednesday), as well as consumer inflation expectation & labour mkt report (Thursday). RBA Gov Lowe speaks in parliament on Friday.