Although failure to cross mid-month low questions AUD/USD buyers, the Aussie pair is taking the rounds near 0.6930 during early Monday. The quote has been on the bids off-late as the soft greenback and positive signals from the EU and the UK politics favored global risk sentiment despite the US-China stalemate over trade. As per the CNBC news report, the EU Parliament will be much more fragmented over the next five years with the established centrist bloc failing to gain a majority at this week’s election, early election results and projections show. While the AUD/USD pair is considered as a risk barometer, another such gauge is 10-year US treasury yield that is in green to 2.328% now.
Unless clearing 0.6940/50 resistance-area, prices are less likely to aim for 0.7000 and 0.7070 numbers to the north, which in turn highlights the importance of 0.6900 and 0.6860 support levels.
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