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AUD/USD chart - Trading View
AUD/USD has halted 8-day winning streak and was trading around 0.70 handle at around 03:40 GMT.
US-China and Sino-Australian tussles weigh on risk sentiment, keep the pair subdued. Upbeat NAB Business Confidence data fails to impress bulls.
Data released earlier today showed Australia's Business Confidence index improved for the second month in a row, rose to -20 in May from April's -46, beating the forecasted rise to -32.
Meanwhile, the Conditions index rose to -24 from -34 but missed the forecast of -16. Also, despite the rise, Business Confidence still remains at levels last seen during the 1990 recession.
After rallying over 2,000 pips from multi-year lows at 0.5506 in the month of March, price action in the pair is now starting to look overstretched.
The pair is extending in a Rising Channel pattern and is being capped at channel from the past few sessions.
Technical analysis shows highly overbought conditions on oscillators. A pullback looks imminent. Rejection at channel top could see dip till 0.6745 (channel base).
No major data scheduled for the day. Geopolitical news could impact price action. On the data front. focus now on Australia Westpac Consumer Confidence Index (June) due Wednesday at 00:30 GMT.
