Why the AUD/USD lifts to a new 2024 today as a key topside level awaits

Further to the previous update, noting the impressive stock gains across mainland China today, there is an impact of that to note elsewhere. That is the push to new 2024 highs for the AUD/USD today. The Aussie has reached 0.6941 so far, but it has backed away from that high now. The AUD/USD closed on Friday at 0.6903. The point about all this is; a rebound outlook for the Chinese economy is front and centre for the AUD/USD and that is because China is the main market for Australia. That has been the case for many years now. So, it makes sense; that if China is now on the path to recovery, the AUD/USD should follow. However, there is a big technical level close by now and that is the 200 week moving average, in place at 0.6961. This could be a tough level to crack and of course it will most likely be determined by how that rebound in the Chinese markets unfolds from here on in Q4. The AUD/USD is currently trading at 0.6925