• 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
