The Australian Dollar extended its grind higher against the generally weaker US Dollar and optimism on easing restrictions in the Australia. Prime Minister Scott Morrison is pushing for a faster reopening of the economy while urging the states to allow more business to restart. This has been supportive for the currency. Coronavirus fears and uncertainty will continue to cap the Aussie Battler. The World Health Organisation warned that there is currently “no evidence” that recovered Covid-19 patients cannot be infected again.
AUD/USD has immediate resistance at 0.6410 followed by 0.6440. Immediate support lies at 0.6370 followed by 0.6340. Look for a likely range today of 0.6340-0.6440 as volatility picks up. Prefer to sell rallies above 0.6400 cents.