The Aussie Dollar lifted in tandem with risk appetite leading commodity currencies higher on Friday. Against the Greenback, the Battler rose to 0.6365 following Friday’s 0.6322 opening. AUD/USD fell to an overnight low at 0.6314. Overnight high traded was 0.63850. The week ahead sees the RBA release its latest monetary policy meeting minutes as well as a speech from RBA Governor Philip Lowe tomorrow. Thursday sees Australia’s Flash Manufacturing and Services PMI are due on Thursday. Australia’s leading economists have warned Prime Minister Scott Morrison against easing social distancing too early as job estimates grow. New South Wales, Australia’s biggest state confirmed 6 new COvid-19 cases, brining the nation’s total to 6,619 with 71 deaths.
The AUD/USD pair has been in rally mode for the most part of two weeks. A combinations of speculative Aussie short bets and an improvement in risk sentiment which saw equities bounce strongly from their lows has boosted the Australian Dollar. However, it would need to break above the strong barrier at 0.6450 to climb to its next target of 0.6600-0.6700 range. For now, it looks like 0.6250-0.6450.
AUD/USD has immediate resistance at 0.6390 and 0.6420 followed by 0.6450 (strong). Immediate support can be found at 0.6315 followed by 0.6280 and 0.6250. Look to trade a likely range today of 0.6280 to 0.6380. Just trade the range shag on this puppy today.