AUD/USD edges higher after posting 0.5% losses in the previous day, trading around 0.6930 during the Asian hours on Tuesday. The technical analysis of the daily chart shows the pair remaining within the descending channel pattern, suggesting a prevailing bearish bias.

The United Arab Emirates (UAE) Ministry of Defence said that two UAE national tankers, the Mombasa and Al Bahiyah, were targeted by two Iranian cruise missiles in the southern lane of the Strait of Hormuz, in Omani territorial waters, Reuters reported on Tuesday.

The New Zealand Dollar recoiled during Monday’s North American session, down 0.12%, as the Greenback posted gains versus most G8 FX currencies amid rising geopolitical tensions and hawkish comments from a Fed Governor. The NZD/USD trades at 0.5754, down from daily highs of 0.5789.

Silver (XAG/USD) attracts sellers on Monday after renewed fighting between the United States (US) and Iran over the weekend revived energy-driven inflation concerns and reinforced expectations of a Federal Reserve (Fed) interest rate hike later this year.

Gold (XAU/USD) extends losses on Monday, with price action drifting below the $4,100 line, amid a risk-off market mood, as tensions between the US and Iran flare.

The Australian Dollar (AUD) posts marginal losses against the US Dollar (USD) on Monday, as the pair's reversal from Friday's 0.6970 highs found support above 0.6120. Rising tensions in Iran have hammered risk appetite, but the US Dollar’s weakness is keeping the Aussie from retreating further.

The US Dollar posts moderate gains against the Swiss Franc (CHF) on Monday, yet with price action contained within the last two weeks’ trading range, and with the 0.8100 level capping bulls for now.

XAG/USD struggles for the second consecutive day, trading around $58.20 per troy ounce during the European hours on Monday. The technical analysis of the daily chart shows that the spot price is remaining within the descending channel pattern, suggesting a prevailing bearish bias.

Here is what you need to know on Monday, July 13:

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – builds on its modest bullish gap opening and climbs above the $74.00 mark during the Asian session on Monday.