FxWirePro: AUD/USD gains tractions on renewed U.S.-China trade deal optimism

• AUD/USD strengthened on Monday as hopes of a U.S.-China trade deal boosted risk appetite

• Top U.S. and Chinese trade representatives are scheduled to meet for discussions centered on critical minerals, an area where China holds a dominant position in global production.

•   The talks follow a rare and significant phone conversation last week between President Donald Trump and President Xi Jinping, signaling a potential thaw in trade tensions and raising hopes for progress on key economic issues.

• Looking ahead, Australia is set to release key economic data including consumer and business confidence surveys, along with updated consumer inflation figures.

• At GMT 04:55, The Australian dollar  was last  trading up 0.43% to $0.6517.   

•  Immediate resistance is located at 0.6539(Higher BB), any close above will push the pair towards 0.6556(23.6%fib).

•  Support is seen at 0.6479 (Daily low) and break below could take the pair towards 0.6451(38.2%fib).

 Recommendation: Good to buy around 0.6490 with stop loss of 0.6360  and target price of 0.6580