Trade talks between the US and China are occurring this week, and a major topic of conversation could be how TikTok can be severed from its Chinese government and Chinese/ Hong Kong corporate interests.
How this plays out is could affect overall market sentiment in the U.S.–China trade relationship, which in turn could ripple through global risk assets. Forex pairs related to commodity exports or closely correlated with Chinese economic performance, like the Australian dollar (AUD), may see indirect effects.
AUD/USD is currently in an uptrend in the short‐term, trading within an ascending channel.
The latest candles show strong green closes with shallow pullbacks. That type of price action can indicates continuation rather than exhaustion, at least until the next key resistance zone.
Key resistance potentially lies at ~0.6687, with a more significant barrier at ~0.67485.
Support zones perhaps lie just below current prices: near the 9-day EMA. The 50-day EMA could provide a stronger support if the pair pulls back.
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Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
