AUD/USD stalls recovery near 0.6540 amid risk-off, USD rebound


  • AUD/USD stalls recovery as USD rebounds with Treasury yields.
  • Broad commodities sell-off weighs on the resource-lined AUD.
  • Eyes on US and Australian coronavirus stimulus package for fresh directives.

Having stalled its steady recovery near 0.6540 region, AUD/USD is paring back gains amid broad-based US dollar rebound and sell-off in oil and gold prices.

At the time of writing, the Aussie trades at 0.6510, up 0.06%. The risks remain skewed to the downside also amid the risk-off action in the US stocks, as the US economic stimulus package to counter the coronavirus impact continues to disappoint while markets remain wary over the rising coronavirus case worldwide.

The main catalyst behind the latest decline in the spot can be attributed to the rebound in the US dollar across its main competitors, as it tracks the renewed uptick seen in the US Treasury yields across the curve after the recent crash.

Further, tumbling oil prices, in the face of a bigger-than-expected increase in the US crude stockpiles and downward revisions to 2020 global oil demand growth forecasts, and weaker gold prices also weigh negatively on the commodity-currency, the AUD.

The focus now remains on the US and Australian coronavirus relief package for a fresh direction on the prices. In the meantime, the cautious sentiment around the Aussie will remain prevalent.

AUD/USD technical levels to watch

AUD/USD

Overview
Today last price 0.6509
Today Daily Change 0.0006
Today Daily Change % 0.09
Today daily open 0.6504
 
Trends
Daily SMA20 0.6621
Daily SMA50 0.6744
Daily SMA100 0.6801
Daily SMA200 0.6829
 
Levels
Previous Daily High 0.6614
Previous Daily Low 0.6463
Previous Weekly High 0.6658
Previous Weekly Low 0.6465
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.6521
Daily Fibonacci 61.8% 0.6556
Daily Pivot Point S1 0.644
Daily Pivot Point S2 0.6376
Daily Pivot Point S3 0.6289
Daily Pivot Point R1 0.6591
Daily Pivot Point R2 0.6678
Daily Pivot Point R3 0.6742

 

 

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