AUDUSD: Aussie Strengthens On Market Optimism
DAILY BRIEF—The Australian Dollar seems to get momentum in price on the upward after it broke the downward trendline on Friday.
In the early session, the price looked quite strong. But the main focus will be on the resistance it faces at 0.6475 which is the high of 12th March. A break above it will make way to test the high at 0.6670, which was high on 9th March. While a fair test of the high might see the price fall back to Friday’s low.
As Corona Virus fear seems to come down, most governments are looking for a strategy to open their respective economies after a difficult lock-down phase, the United States Dollar is taking a back step from its haven status. Therefore the price of major pairs against the dollar might be edging up higher. But keep in mind if the government does not come up with a clear plan sooner the surge in prices will be short-lived as the market will again turn back to the greenbacks for security.
