AUD/USD – Recovers to End Above 0.6300; 0.6400/50 Resists

The Australian Dollar recovered from strong selling interest which pushed the Battler to an overnight low at 0.62762. AUD/USD rallied to finish in late New York at 0.6322. Overnight high traded was 0.63527. The Australian Bureau of Statistics released a Preliminary March Retail Sales report that saw a strong rise of 8.2% as the country prepares to gradually re-open its economy. Australia has been one of the few countries to be able to control the coronavirus outbreak as PM Scott Morrison closed its borders before the WHO declared a global pandemic. The rise though in the Retail Sales was due to a surge in hygiene products and dried foods prior to the lockdown. Which makes it more of a one-off. More economic data ahead will show the real impact and damage.

FX Street AUD USD Daily Chart - 23 April 2020
FX Street AUD USD Daily Chart – 23 April 2020

AUD/USD has immediate resistance at 0.6360 followed by 0.6400. Strong resistance remains at 0.6450. Immediate support lies at 0.6275 followed by 0.6245. Look for a choppy trading within a 0.6285-0.6385 range today. Just trade the range on this one, too early to tell which way the US Dollar is headed.


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