The Australian Dollar continued its grind lower pressured by the market’s overall risk-off stance on the unabated resurgence of Covid-19 cases around the globe led by the U.S. AUD/USD closed 0.49% lower to 0.6860 from Friday morning’s 0.6890. The overnight low traded for the Aussie Battler was 0.68407. The downside pressure for the Aussie remains but it will not be a one-way ticket south. Expect month, quarter and half year end pressure with rebalancing from hedge funds, pension funds and the like on their portfolios to see likely choppy trade on the Aussie.
AUD/USD has immediate support at 0.6840 followed by 0.6810 and 0.6780. Immediate resistance can be found at 0.6890 and 0.6920. The next resistance level lies at 0.6950. Look for a likely trading range today of 0.6800-0.6900. Prefer to sell rallies.
