AUD/USD continues to move sideways below 0.7300
- AUD/USD is struggling to find direction on Monday.
- Upbeat data from China helps AUD stay resilient against its peers.
- US Dollar Index registers small daily gains near 93.00.
The AUD/USD pair edged higher toward 0.7300 during the Asian session on Monday but couldn't preserve its bullish momentum. As of writing, the pair was virtually unchanged on a daily basis at 0.7280. Last week, AUD/USD lost nearly 80 pips as the upbeat macroeconomic data releases from the US helped the USD gather strength against its rivals.
DXY consolidates last week's gains
Earlier in the day, the data from China showed that the trade surplus in August widened to $58.9 billion with exports surging by 9.5% on a yearly basis. Although the upbeat data helped the China-proxy AUD gain traction, the positive impact on the currency remained short-lived.
Meanwhile, the US Dollar Index (DXY), which gained 0.73% last week, posts small daily gains above 93.00 on Monday and making it difficult for AUD/USD to turn north. The US markets will be closed due to the Labor Day holiday on Monday and the pair is likely to continue to fluctuate in a tight range below 0.7300.
During the Asian trading hours on Tuesday, National Australia Bank's (NAB) Business Confidence and Business Conditions data will be looked upon for fresh impetus.
Technical levels to watch for