AUD/USD slides to session lows, around mid-0.6700s

The overnight trade optimism fades rather quickly and exerts some fresh pressure.
Debelle’s comments further weighed on the already weaker China-proxy Aussie.
Traders now look forward to US consumer confidence index for some impetus.

Haresh Menghani FXStreet

The AUD/USD pair came under some renewed selling pressure on Tuesday and eroded a part of the previous session's goodish intraday up-move.

The incoming positive trade-related headlines revived hopes for the resumption of US-China talks and prompted some aggressive short-covering move around the China-proxy Australian Dollar.

It is worth reporting that the US President Donald Trump, speaking at the G7 summit in France on Monday, said that he had received phone calls from Chinese officials over the weekend urging new trade talks.

Trade uncertainties/Debelle’s comments weigh

However, the fact that China’s foreign ministry later denied news of any US-China phone calls raised doubts over the resolution of the trade issues in the near future and kept a lid on any strong follow-through up-move.

The pair failed to capitalize on the overnight recovery of nearly 100-pips from closer to yearly lows and was further weighed down by downbeat comments from the RBA Deputy Governor Guy Debelle this Tuesday.

During a speech at the Economic Society of Australia Luncheon in Canberra, Debelle highlighted the risk of a serious global economic downturn and reiterated the central bank's readiness to ease monetary policy further.

Currently hovering around session lows, near mid-0.6700s, it would now be interesting to see if the pair is able to attract any buying interest at lower levels or the current pullback points to further intraday depreciating move.

Moving ahead, Tuesday's US economic docket - featuring the release of the Conference Board's Consumer Confidence Index will influence the US Dollar price dynamics and produce some short-term trading opportunities.

Technical levels to watch

AUD/USD

Overview
Today last price	0.6755
Today Daily Change	-0.0021
Today Daily Change %	-0.31
Today daily open	0.6776

Trends
Daily SMA20	0.6782
Daily SMA50	0.69
Daily SMA100	0.6949
Daily SMA200	0.7046

Levels
Previous Daily High	0.6789
Previous Daily Low	0.6689
Previous Weekly High	0.68
Previous Weekly Low	0.6736
Previous Monthly High	0.7082
Previous Monthly Low	0.6832
Daily Fibonacci 38.2%	0.6751
Daily Fibonacci 61.8%	0.6727
Daily Pivot Point S1	0.6714
Daily Pivot Point S2	0.6651
Daily Pivot Point S3	0.6614
Daily Pivot Point R1	0.6814
Daily Pivot Point R2	0.6851
Daily Pivot Point R3	0.6914

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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