AUD/USD climbs further beyond 0.70 handle, closer to monthly tops
- US-China trade optimism continues to underpin the China-proxy Aussie.
- The USD does little to influence the price action or hinder the up-move.
- Traders now eye US data for some impetus ahead of Trump-Xi meeting.
The AUD/USD pair built on the overnight move beyond the key 0.70 psychological mark and inched back closer to monthly tops on the last trading day of the week.
The recent optimism over a possible resolution to the prolonged US-China trade disputes had been one of the key factors underpinning demand for the China-proxy Australian Dollar and behind the pair's strong recovery move from multi-month lows.
Market participants keenly await the outcome from the US President Donald Trump's meeting with his Chinese counterpart Xi Jinping on Saturday, at the sidelines of G20 meeting in Japan, which might help determine the pair's near-term trajectory.
Meanwhile, the US Dollar traded flat - despite the previous session's mostly in line final Q1 GDP report, and did little to influence the pair's momentum during the Asian session on Friday, with bulls now eyeing to test monthly high, around the 0.7020 region.
Later during the early North-American session, the US economic docket - featuring the releases of Core PCE price index, personal income and spending data for May, Chicago PMI and revised UoM Consumer Sentiment index, will now be looked upon for some meaningful trading opportunities.
Technical levels to watch