AUD/USD clears 0.6100 amid broad US dollar weakness

AUD/USD holds onto recovery gains amid broad US dollar weakness.
The coronavirus pandemic takes the toll on the greenback, RBA continues on its pledged liquidity infusion.
China's Industrail Profits slump.
Trade sentiment remains sluggish in wait for the House voting on the US COVID-19 Bill.

Anil Panchal FXStreet

While extending its five-day winning streak, AUD/USD takes the bids to 0.6100 during the early-Friday trading session. The pair benefits from the broad US dollar weakness amid mostly positive risk-tone despite coronavirus (COVID-19) fears. Today’s US House voting on the coronavirus relief package will be the key to watch.

The Aussie traders paid a little heed to the record drop in China’s Industrial Profits, down 38.3% YoY, for January-February. The reason could be traced from the US dollar weakness. The US dollar index drops to the fresh low in seven days to 99.22 by the press time.

The US is now ahead of China as far as the virus numbers of infected people, above 81,000, are concerned. Even so, US President Donald Trump cheers the Gilead Remdesivir and others.

The Republican leader, in his Coronavirus Task Force Briefing, told that he will be talking to China’s President Xi Jinping about the virus during his call at 02:30 GMT.

The US Senate passed a $2 trillion aid package the previous day and there is likely debate over the same around 10:00 GMT before pushing it to the lower House for final voting.

It should also be noted that the US Michigan Consumer Sentiment figures for March, expected 90.00 versus 95.9 prior, may offer additional volatility to the pair.

Though, the major attention will be given to the political plays as well as coronavirus data for near-term direction.

Technical analysis

Unless marking a daily closing below the 10-day SMA level of 0.5935, the pair is likely rising further towards 21-day SMA, at 0.6235 now.

Additional important levels

Overview
Today last price	0.608
Today Daily Change	17 pips
Today Daily Change %	0.28%
Today daily open	0.6063

Trends
Daily SMA20	0.6239
Daily SMA50	0.6527
Daily SMA100	0.6698
Daily SMA200	0.6774

Levels
Previous Daily High	0.6087
Previous Daily Low	0.587
Previous Weekly High	0.6307
Previous Weekly Low	0.5509
Previous Monthly High	0.6775
Previous Monthly Low	0.6434
Daily Fibonacci 38.2%	0.6004
Daily Fibonacci 61.8%	0.5953
Daily Pivot Point S1	0.5926
Daily Pivot Point S2	0.5789
Daily Pivot Point S3	0.5709
Daily Pivot Point R1	0.6144
Daily Pivot Point R2	0.6224
Daily Pivot Point R3	0.6361

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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