AUD/USD consolidates near 2-week lows, around mid-0.6800s

• Trump’s not so optimistic trade-related comments exerted some pressure on Monday.
• Softer risk sentiment further weighed on perceived riskier currencies like the Aussie.

The AUD/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow trading band around mid-0.6800s, or near two-week lows.
 
The US President Donald Trump's not so optimistic comments poured cold water on US-China trade progress and weigh on the global risk sentiment through the Asian session on Monday. The same was evident from a weaker trading sentiment around equity markets and exerted some pressure on perceived riskier currencies – like the Aussie.

Traders refrained from placing fresh bets

Trump on Friday said that he has not yet decided on the rollback of some tariffs but confirmed that he plans to sign a trade deal with China, which was eventually seen as one of the key factors lending some support to the China-proxy Australian Dollar and helped limit any deeper losses, at least for the time being.
 
On the other hand, the US Dollar stood tall near multi-week tops, supported by the recent upsurge in the US Treasury bond yields, though lacked any strong bullish conviction as traders seemed to refrain from placing any aggressive bids on the back of a bank holiday in the US in observance of Veterans Day.
 
Moving ahead, this week's other US economic releases, including the latest consumer inflation figures and monthly retail sales data, along with the Fed Chair Jerome Powell's two-day testimony on Wednesday and Thursday might now play a key role in determining the pair's next leg of a directional move.

Technical levels to watch