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AUD/USD – Recovery Off Lows Capped by Covid-19 Fears, Trade Tensions

June 26, 2020

The Australian Dollar recovered off its overnight lows at 0.68472 to finish in New York at 0.6890, best performer in FX. The Aussie Battle shrugged off the rise in new Covid-19 cases at 37 (as at latest count by the Coronavirus Worldometer Update). This is the largest increase in infections in two months. In relative terms though, it pales in comparison to the rise in the US and other countries. With no domestic data releases scheduled for today and the absence of China due to a holiday, expect the Aussie to consolidate at these lower ranges.

AUD/USD Trading View Chart - 26 June 2020
AUD/USD Trading View Chart – 26 June 2020

AUD/USD has immediate resistance at 0.6900 followed by 0.6930 and 0.6960. Immediate support can be found at 0.6870 and then 0.6840. Expect the Battler to trade within a likely 0.6860-0.6930 range today. Prefer to sell rallies toward 0.6950. The Aussie is not yet ready to see a sustained climb.

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