AUD/USD – Range Bound as Base Lifts With 0.57-0.62 in Sight

The Australian Dollar extended its climb against the Greenback, finishing at 0.5958 from yesterday’s close of 0.5920. The Battler jumped past the 0.60 00-20 resistance area to an overnight and 15-day high at 0.60734 before slipping below 0.60 cents to 0.5958. Today sees a slow start with all eyes on tonight’s upcoming US Jobless Claims report.

FX STREET AUD USD Chart - 26 March 2020
FX STREET AUD USD Chart – 26 March 2020

The US Senate’s agreement to vote on the much anticipated USD 2 trillion stimulus/relief package to Friday saw stocks and risk assets pare gains. This will keep a lid to any strong Aussie rallies today. “
Immediate resistance lies at the 0.6020 level followed by 0.6070. Immediate support can be found at 0.5930 (overnight low) and 0.5880.

Australia’s own struggle with Covid-19 saw New South Wales officials saying they will not allow any passengers off cruise ships unless new protocols are followed. New South Wales has the largest number of confirmed coronavirus cases with 1,029 (as at last night) from Australia’s total of 2,398.

Look for consolidation today with a likely range, first-up, of 0.5785-0.6025. Continue to favour buying dips.

Was this post helpful?