AUD/USD remains stuck in a range around mid-0.6300s

AUD/USD consolidated last week’s strong positive move to one-month tops.
Concerns over coronavirus, the risk-off mood kept a lid on any strong gains.
The downside remains cushioned amid a weaker tone surrounding the USD.

Haresh Menghani FXStreet

The AUD/USD pair lacked any firm directional bias and remained confined in a narrow trading band, around mid-0.6300s through the early European session.

A combination of diverging forces failed to assist the pair to build on last week's strong positive move of over 370 pips to one-month tops and led to subdued consolidative price action for the second straight session.

The US dollar remained depressed in the wake of the Fed's announcement last week to provide additional loans of up to $2.3 trillion to support the economy and softer-than-expected US consumer inflation figures released on Friday.

The supporting factor was negated by a fresh wave of the global risk-aversion trade, which held investors from placing aggressive bullish bets around the perceived riskier Australian dollar and kept a lid on any meaningful gains.

The global risk sentiment took a hit on the first day of a new trading week after China reported the highest number of new daily cases in nearly six weeks and fueled fears about the second round of COVID-19 outbreak.

Investors also seemed reluctant amid relatively thin liquidity conditions on the back of Easter Monday holiday in most European markets and preferred to wait for a fresh catalyst before positioning for the pair's next leg of a directional move.

Developments surrounding the coronavirus saga might continue to play a key role in influencing the broader market risk sentiment and produce some meaningful trading opportunities in the absence of any major market-moving economic releases.

Technical levels to watch

AUD/USD

Overview
Today last price	0.6349
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6349

Trends
Daily SMA20	0.605
Daily SMA50	0.6387
Daily SMA100	0.6626
Daily SMA200	0.6729

Levels
Previous Daily High	0.6369
Previous Daily Low	0.6312
Previous Weekly High	0.6369
Previous Weekly Low	0.5991
Previous Monthly High	0.6686
Previous Monthly Low	0.5509
Daily Fibonacci 38.2%	0.6347
Daily Fibonacci 61.8%	0.6334
Daily Pivot Point S1	0.6318
Daily Pivot Point S2	0.6286
Daily Pivot Point S3	0.6261
Daily Pivot Point R1	0.6375
Daily Pivot Point R2	0.64
Daily Pivot Point R3	0.6432

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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