Key AUD/USD Ranges to Watch

Australian Greenback Evaluation and Speaking Factors

AUD/USD | RBA Starting to Discuss Down Forex

The Australian Greenback has largely been in consolidation mode in opposition to the buck since hitting a contemporary 2020 excessive above 0.7000 on the again finish of final week. In current weeks, the AUD has predominantly tracked fairness markets, which in flip has seen a sizeable restoration within the foreign money because the March lows. Nevertheless, upside may very well be capped on the 0.7000 stage, notably with the RBA starting to jawbone the foreign money with RBA’s Harper noting {that a} charge again above 0.7000 can be unhelpful. That mentioned, as uncertainties over a second wave choose up, most notably in China, AUD/USD might come below renewed strain with a closing break beneath 0.6800 to open up a transfer in direction of 0.6650.

Though, within the absence of a contemporary unfavourable catalyst with fairness markets persevering with to get well, we don’t rule out a potential retest of the 2020 excessive at 0.7061, which might seemingly negate a near-term bearish bias.

Implied Weekly vary (0.6750 – 0.6990)

AUD/USD Worth Chart: Weekly Time Body

Supply: IG Charts

— Written by Justin McQueen, Market Analyst

Comply with Justin on Twitter @JMcQueenFX