The Australian Dollar was one of the few currencies that managed to fall against the Greenback, finishing modestly lower at 0.6952 in New York from 0.6965 Friday morning. On Friday the Aussie Battler briefly hit 0.7001 before edging lower. The overnight low was at 0.69237 in subdued trading. In early Asia, AUD/USD currently trades a touch lower to 0.6943.
The Australian Business Insider this morning reported that new cases surged by 273 yesterday in Victoria, the second-highest daily increase since the start of the pandemic. In Sydney, where the current situation is concerning, more than a thousand pub-goers have been asked to self-isolate after a Hotel pub in the city’s southeast saw 9 people who attended test positive for the coronavirus yesterday. While talks of a virus vaccine last week saw fears of a resurgence in Covid-19 shrugged off, the spike in new cases continue unabated.
AUD/USD has immediate support at 0.6920 followed by 0.6890. Immediate resistance can be found at 0.6970 (overnight high traded was 0.6969) followed by 0.7000 cents. Look for a likely trading range today of 0.6910-70. Prefer to sell rallies.