AUD/USD: Bulls Take Control in Short Term

Technically bullish - currently overbought, AUD/USD should make a break above 0.70000 price level after some slight consolidation/ pullback.

• US-China Trade developments will continue to take the spotlight for AUD pairs in 2020; With Phase 1 Deal to be signed sometime in January, (which includes Tariff reductions) AU bulls should temporarily take control..and then we move into Phase 2 of 3..
  
• RBA expected to cut cash rate at their February meeting in order to further support growth for small businesses in particular.
  
• FED expected to stay on hold.
  
  
• Support levels: 0.6940 0.6900 0.6865
  Resistance levels: 0.7000 0.7035 0.7070
  

*Trade at you own risk off of your own analysis ;)
-Krecioch