The Aussie held on to it’s gains and kept its momentum going above 0.66 cents. AUDUSD advanced 0.55% to 0.6625 in early Sydney trade this morning. AUD/USD hit a high at 0.66277. Following the RBA’s 0.25% rate cut on Tuesday, the Aussie has recovered as speculative shorts scrambled for cover.
Today traders will focus on Australia’s Trade Balance for January. The US Dollar bounced off a four-week low which should put a cap on the Aussie today. The yield gap between US and Australian 10-years widened last night (US 10-year at 1.0%, Australian 10-year at 0.71%). This should also cap any further short-term Aussie gains.
![AUD USD CHART Hourly - 3M FX Empire - 05 March 2020](https://thetradersspread.com/wp-content/uploads/2020/03/AUD-USD-CHART-Hourly-3M-FX-Empire-05-March-2020-1.png)
Immediate resistance today is found at 0.6630 (overnight high 0.66277) The next resistance level lies at 0.6660. Immediate support can be found at 0.6600 and 0.6570. Look to trade a likely range today of 0.6585-0.6635. Prefer to buy dips.