FxWirePro: Aussie bulls unimpressed by rally in iron-ore prices, mounting expectations of RBA rate cut weigh

AUD/USD chart - Trading View 

AUD/USD is trading in a narrow range, extends marginal gains on the day.

The pair was trading 0.15% higher on the day at 0.6927 at 04:30 GMT.

Aussie bulls failed to build on gains despite rally in iron-ore prices. Chinese futures for the ore climbed almost 5% last week to top $100 a tonne.

Political tension amid the US and China along with mounting expectations of an RBA rate cut weigh.

Price action trades shy of 21-EMA resistance at 0.6952, break above could see further upside. 

Major trend in the pair is bearish. Rejection at 21-EMA could see resumption of downside.

Support levels - 0.6910 (5-DMA), 0.6846 (Converged trendline and Lower BB), 0.68

Resistance levels - 0.6952 (21-EMA), 0.70, 0.7020 (50% Fib)

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