AUD/USD retreats farther from 4-week tops, back closer to mid-0.6900s

• The USD recovers a part of Friday’s post-NFP slide amid positive trade developments.
• Weaker Chinese import data further weigh on the China-proxy Australian Dollar.

The AUD/USD pair remained heavily offered through the early European session on Monday and is currently placed at the lower end of its daily trading range, around the 0.6965 region.

The pair failed to capitalize on last week's strong up-move to four-week tops, further supported by the disappointing release of the US monthly jobs report, and met with some aggressive supply on Monday amid a goodish pickup in the US Dollar demand.

A positive trade-related development, wherein the US President Donald Trump suspended plans to impose tariffs on Mexico, helped ease the post-NFP USD bearish pressure and turned out to be one of the key factors exerting some fresh downward pressure on the major.

This coupled with weaker Chinese import figures - a barometer of domestic demand, further dented demand for the China-proxy Australian Dollar and collaborated to the pair's heavily offered tone on the first day of a new trading week. 

It, however, remains to be seen if the pair is able to attract any fresh buying at lower levels or the current pullback marks the end of the recent corrective bounce amid absent relevant market moving economic releases from the US.

Technical levels to watch