The AUD/USD pair posted a modest daily decline on Monday, ending the day just below the 0.7300 level. The pair peaked intraday at 0.7318, retreating on the pack of the soft performance of European and American equities, which spent the day struggling around their opening levels. Also, the aussie was weighed by falling gold prices, as the bright metal retreated to $1,808 a troy ounce.

The AUD/USD pair could still recover its bullish stance in the near term. The 4-hour chart shows that the pair keeps developing above its 20 and 200 moving averages, while the 200 SMA maintains its bearish slope above the current level. At the same time,  technical indicators hold within positive levels, lacking directional strength. The pair still needs to break above 0.7330 to confirm a bullish extension towards the 0.7400 price zone.  

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