The Australian Dollar managed to recover from its overnight low at 0.70638, bouncing on broad-based US Dollar weakness to close at 0.7105 in New York. In early Asia, AUD/USD hovers around that 0.7105 level with a range so far of 0.7087-0.7107. This morning’s Australian Business Insider reported that Victoria, Australia’s second most populous state, recorded its deadliest weekend since the coronavirus pandemic began, with 5 deaths reported Saturday and 10 deaths yesterday. Victoria’s new coronavirus cases jumped to 459.

AUD/USD has immediate resistance at 0.7125 (which is the overnight high) and 0.7160. Immediate support can be found at0.7080 and 0.7050. Look for consolidation in the Aussie today with a likely range likely 0.7030-0.7130. Prefer to sell into any rallies.