fbpx

AUD/USD – Holds Above 0.6920, Rise in Covid-19 Cases in Victoria to Cap

June 24, 2020

The Australian Dollar gained on the improving risk appetite following upbeat global manufacturing and services PMI data. Optimism on the recovery despite still-rising coronavirus infections boosted risk and the Aussie Dollar. The Battler had a highly volatile session with wide swings between 0.6858 and 0.6975 following the Navarro trade drama yesterday. AUD/USD currently sits at 0.6938 despite Victoria reporting 20 new infections. This will cap any gains today at 0.6975 resistance which was last night’s high.

AUD/USD Trading View 6 M Chart - 24 June 2020
AUD/USD Trading View 6 M Chart – 24 June 2020

AUD/USD has immediate resistance at 0.6950 followed by 0.6975. Immediate support can be found at 0.6920 followed by 0.6880 and 0.6840. We highlighted yesterday that speculative short Aussie market positioning is at its lowest since May 2018. Look to sell rallies in a likely range of 0.6850-0.6950 today.

Is this article Helpful?

Total Views: 64
 

Sign up to My Spread

COVID-19

China Bulls Tire & Earnings Apprehension – MARKET WRAP

Good morning. Here are our market highlights: – China Stocks Snap 8-day winning Streak – Shanghai Composite drops over % – European shares open lower, Wall St futures down – …

Most Viewed Articles

Most Popular Articles

Latest Market Commentary

China Bulls Tire & Earnings Apprehension – MARKET WRAP

Good morning. Here are our market highlights: – China Stocks Snap 8-day winning Streak – Shanghai Composite drops over % – European shares open lower, Wall St futures down – …

Popular Articles about Trading

No Result found