Forex
AUD/USD Reaches Fresh High Near 0.7050 Before Retreating
The AUD/USD pair has been facing rejection near its 100-day Simple Moving Average (SMA) at 0.7053 and retreated slightly after reaching a fresh high since June 17 around 0.7050 on Monday.
Despite the US Dollar's goodish recovery from a one-and-a-half-month low, which put some pressure on AUD/USD due to disappointing China's RatingDog Manufacturing PMI release, renewed hopes for a US-Iran peace deal and easing inflation fears have helped cap the USD's upside.
Momentum indicators remain supportive of the pair, with the Relative Strength Index (RSI) hovering around 57 and the Moving Average Convergence Divergence (MACD) slightly positive, indicating that buyers still control the short-term bias.