AUD/USD – Decent Bounce Off 0.6775 Sees Recovery Limited to 0.7000

The Australian Battler had a decent bounce in highly volatile trade from 0.67766 overnight low following the Fed’s announcement to buy corporate bonds. AUD/USD hit a high in early Sydney at 0.69534 from its New York close of 0.6920. Aussie traders will focus on the RBA’s release of its latest meeting minutes. Meantime, in China, the government has upgraded 12 more areas to high-risk zones. Ten other areas are considered medium-risk zones.

Intraday AUDUSD Chart - FXStreet - 16 June 2020
Intraday AUD/USD Chart – FXStreet – 16 June 2020

This should keep the Australian Dollar contained to its immediate resistance at 0.6960. The next resistance level lies at 0.7000. Immediate support for the Aussie lies at 0.6880 followed by 0.6830. We can expect another roller coaster ride in the Battler with a likely range today of 0.6800-0.6980. Prefer to sell any rallies, the risk from here is lower.

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