The Australian Dollar continued its recovery following Australia’s effectiveness in controlling Covid-19 with the economy ready to restart gradually. The Aussie is best positioned to gain from any sustained US Dollar weakness. Positive risk sentiment will continue to buoy the Aussie Battler. The Australian government will slowly ease restrictions on education and key health services next week. Children will be allowed to return to schools on May 11.
AUD/USD traded to an overnight and fresh weekly high at 0.64063 before easing to settle at 0.6372 in late New York. The overnight low traded for the Aussie was 0.62827. In the short term, a retest of the 0.6450 immediate resistance level is on the cards. A sustained break of 0.6450 will see 0.6500 and eventually 0.6600 tested. Immediate support can be found at 0.6280 followed by 0.6230. Look to trade the range today which is likely 0.6320-0.6450 first up.