Australian dollar rises to the best levels of the week on hope for US-China deal

Technical Analysis

Author: Adam Button | audusd

AUD/USD up 44 pips to 0.7305

It's been a rough ride for the Australian dollar as it fell to 0.7200 from 0.8140 at the start of January but it's showing some life. Gains yesterday and today have put it into positive territory for the week.

The July low at 0.7310 is now acting as resistance.

The market is liking reports that China and the US have a roadmap for talks that could lead to a Trump-Xi summit in November, and possibly something that would put a trade war to bed.

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