AUD/USD refreshes eight-day high above 0.6400 amid risk reset


  • AUD/USD registers four-day winning streak.
  • Downbeat China’s Industrial Profits mostly ignored amid hopes of early lockdown exit in Australia.
  • Markets will keep eyes on the virus updates, US data for fresh impulse.

AUD/USD takes the bids to 0.6435 amid the Asian session on Monday. The pair recently seems to have ignored China’s downbeat Industrial Profit figures while cheering upbeat sentiment concerning the ease of lockdown in Australia.

China’s Industrial Profits (YoY) slumps 34.9% versus +5.40% prior during the March month.

Earlier during the day, Financial Review came out with the news suggesting that the Aussie PM Scott Morrison wants faster reopening as he has shelved talk of a six-month economic "hibernation". The news followed informal social media updates suggesting increased support for easing lockdown in Queensland and Western Australia.

On the other hand, the US coronavirus task force briefings had been canceled for Saturday and Sunday. US President Donald Trump was last criticized for suggesting disinfection materials to be used for the trials.

Further, the US death toll increases 2,020 to 52,459 as of 4:00 PM April 26 while the cases surged to 928,619 as of 4:00 PM April 26 against 895,766 at 4:00 PM onn April 25, per the data from the Centers for Disease Control and Prevention (CDC).

That said, the US 10-year Treasury yields gain nearly two basis points (bps) to 0.615% while stocks in Asia-Pacific mark mild gains by the press time.

Given the lack of major catalysts in Asia, markets will keep eyes on the virus updates ahead of the US session. The Dallas Fed Manufacturing Business Index for April, prior -70, seems to decorate today’s US economic calendar. It should be noted that Wednesday’s Aussie CPI and Thursday’s Chinese official PMI data, coupled with the US statistics, will be the key catalysts for the AUD/USD pair during the week.

Technical analysis

The monthly top near 0.6435 keeps the pair away from the bulls who target early-March high around 0.6540. On the other hand, multiple stops around 0.6250/45 seem to restrict the Aussie pair’s near-term downside, ahead of March-end top surrounding 0.6215/10.

Additional important levels

Overview
Today last price 0.6429
Today Daily Change 39 pips
Today Daily Change % 0.61%
Today daily open 0.639
 
Trends
Daily SMA20 0.6257
Daily SMA50 0.6315
Daily SMA100 0.6581
Daily SMA200 0.6696
 
Levels
Previous Daily High 0.64
Previous Daily Low 0.6337
Previous Weekly High 0.6406
Previous Weekly Low 0.6253
Previous Monthly High 0.6686
Previous Monthly Low 0.5509
Daily Fibonacci 38.2% 0.6376
Daily Fibonacci 61.8% 0.6361
Daily Pivot Point S1 0.6351
Daily Pivot Point S2 0.6313
Daily Pivot Point S3 0.6288
Daily Pivot Point R1 0.6414
Daily Pivot Point R2 0.6439
Daily Pivot Point R3 0.6478

 

 

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