AUD/USD is being stubborn and resisting downside moves

• This is now the fourth upside test for AUD/USD on the hourly chart.
• Breaking 0.6930 seems to be a tall order but the pair is having another go.

AUD/USD is having a tough time breaking 0.6930 but the pair is not giving up on the idea. 

On Wednesday a story broke that the meeting between the US and China had been pushed back to December and the Australian Dollar fell back in line with other commodities related assets.

This morning the move has reversed as it seems that the two sides are willing to make concessions on tariffs to get the deal pushed through.

So now that the tone of the talks is fully upbeat maybe this is the time AUD/USD can break the resistance barrier. 

Further to this news, some analysts have also pushed back their expectations for another rate cut from the Fed from December to the end of the first quarter next year.

In particular, Westpac have stated 

We have pushed back our timing for the next rate cut from the US FOMC from December to March next year

So a less dovish RBA and positive comments on trade might be enough to push up the AUD for now but a revision for the date of the next Fed cut could put a cap on some gains.