AUD/USD Price Forecast: Holds comfortably above 0.7100 as bulls await Trump-Xi meeting

The AUD/USD pair is currently trading comfortably above the 0.7100 level, with bulls awaiting the upcoming meeting between President Trump and Chinese President Xi. Traders are awaiting the Reserve Bank of Australia (RBA) Governor Michele Bullock's speech on Tuesday, as well as Australian employment data and the Trump-Xi meeting later in the week.

Meanwhile, rising expectations for an imminent RBA rate hike this month continue to support the Australian Dollar (AUD), while the US Federal Reserve's hawkish outlook and Middle East tensions keep the US Dollar (USD) in check. Technical analysis shows the pair holding near its 100-day Simple Moving Average (SMA) and above the 38.2% Fibonacci retracement level of the recent upswing, with key resistance at the 23.6% retracement around 0.7149 and a subsequent barrier at the recent swing high near 0.7237.

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