State of Victoria report 116 new COVID-19 cases

Australia's Victoria State reports 116 new coronavirus cases, 15 deaths in the last 24 hours, the lowest in seven weeks, Reuters reports.

The Australian state of Victoria reported its lowest daily rise in new coronavirus infections in seven weeks on Monday, fuelling optimism that a deadly second wave there is subsiding.

Victoria on Monday reported 116 cases and 15 deaths from the virus in the past 24 hours, down from a peak of more than 700 cases early this month.

Australia saw a surge in infections in the past month in Melbourne, Victoria’s capital and the country’s second-largest city, but cases have been trending downward in recent days helped by a total lockdown.

In further developments, the Australian state of Victoria is said to legislate to allow the state of emergency to be in place for up to 18 months, reported in the Herald Sun.

AUD/USD update

AUD finished below 0.7200 last week and has met support which equates to a double bottom on the hourly chart as the price climbs a supporting dynamic trendline. 

Failure at a 50% mean reversion level or a 61.8% Fibonacci retracement could open prospects for a downside continuation of the 4-hourly bearish impulse. 

On the daily time frame, while below the highs, we can still expect some temporary upside on a retest of a minor support line turned resistance prior to a test of the rising wedges dynamic support.