AUD/USD dropped over 100 pips as Asia kicks into risk-off

AUD/USD reversing the opening bid and drops over 100 pips.
Risk-off markets kick into gear at the start of the week pertaining to COVID-19 fears.

Ross J Burland FXStreet

AUD/USD has fallen in Asia from a high of 0.5825 to a low of 0.5704 in a COVID-19 volatility and risk-off markets. AUD/USD is trading over 1.70% down as the commodity complex continues to bleed and suffer the economic impact of nations on economic lockdown pertaining o the virus.

Copper has spiked to the downside, oil is trading en-route for a ts of the $20 handle and US stock futures opened limit down. We are also hearing that the US Senate has failed to get enough votes to pass the stimulus bill failing on a procedural hurdle. More on that here: US Senate COVID-19 bill fails to get enough votes to clear first procedural hurdle, voting continues.

Meanwhile, the Reserve Bank of Australia has added A$3.7bln to the banking system through repos today easing up a tight US dollar market in addition to last week's decision to start its QE bond purchases of maturities up to 2028. The Australian dollar has fallen sharply on the RBA's recent policy announcements, in line with previous announcements of QE around the globe as the US dollar pulls in safe-haven demand, running to 1 pip from the 103 handle.

AUD/USD levels

AUD/USD Forecast: Australian government announced new stimulus measures

AUD/USD

Overview
Today last price	0.5714
Today Daily Change	-0.0071
Today Daily Change %	-1.23
Today daily open	0.5785

Trends
Daily SMA20	0.6364
Daily SMA50	0.6603
Daily SMA100	0.6736
Daily SMA200	0.6793

Levels
Previous Daily High	0.5986
Previous Daily Low	0.5662
Previous Weekly High	0.6307
Previous Weekly Low	0.5509
Previous Monthly High	0.6775
Previous Monthly Low	0.6434
Daily Fibonacci 38.2%	0.5862
Daily Fibonacci 61.8%	0.5786
Daily Pivot Point S1	0.5636
Daily Pivot Point S2	0.5487
Daily Pivot Point S3	0.5312
Daily Pivot Point R1	0.596
Daily Pivot Point R2	0.6136
Daily Pivot Point R3	0.6285

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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