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FxWirePro: AUD/USD holds narrow range, focus on near-term support

• AUD/USD traded in narrow range on Monday as escalating tensions in the Middle East kept investors cautious .

• Israel said it struck military targets in western and central Iran on Monday, despite reports that U.S. President Donald Trump had urged Prime Minister Benjamin Netanyahu to avoid further attacks...

• Iran fired missiles at Israeli targets in retaliation, escalating tensions and putting U.S.–Iran peace talks at risk. However, President Trump said the agreement to end the wider conflict remains achievable, insisting the strikes will not derail negotiations..

• Oil prices jumped over 3% in early Monday trading as renewed hostilities pushed Brent crude back above $96 a barrel.

• Trading volumes may remain lighter than usual, with financial markets in Sydney and Melbourne closed on Monday.

•  Immediate resistance is located at 0.7133 (38.2%fib), any close above will push the pair towards 0.7155(SMA20).

•  Support is seen at 0.7029(50%fib) and break below could take the pair towards 0.7000(Psychological level).

 Recommendation: Good to sell  around 0.7060 with stop loss of 0.7120  and target price of 0.6960

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