- AUD/USD registers a three-day winning streak.
- US President Trump’s push for economy re-start, clinical trials on Remdesivir offered the latest boost.
- Virus data from the US have been worrisome, raising doubts for a strong response to the phased economic restoration plan.
- A light economic calendar will keep traders on the lookout for the coronavirus updates.
AUD/USD holds onto its gradual recovery gains from Thursday while taking rounds to 0.6365 amid the early Monday morning in Asia. US President Donald Trump’s push for phased start to the economy and promising results of the clinical trials of possible cure to the coronavirus (COVID-19) has been the latest positives to the pair.
Although US President Donald Trump said on Friday that it will on the state governors to decide whether to open the economy or not, weekend tweets encouraged the early-start of the states.
Also on the positive side were the comments from Ben Carson, Secretary of the US Department of Housing and Urban Development, to Fox News. The US diplomat mentioned that that Gilead’s Remdesivir appears promising as a potential treatment for COVID-19.
On the contrary, Reuters tally suggests the US death toll crossed 40,000 mark, also being the global hot-spot with over 744,000 cases.
While the latest developments surrounding the COVID-19 have been negative, Reuters also cites that new cases in the US registered the slowest pace of increase in three-days.
It’s worth mentioning that the recent market optimism helped traders to oversee China’s downbeat GDP figures.
Moving on, the global markets have been very prone to the virus updates and a lack of major data on the economic calendar can keep qualitative catalysts on the driver’s seat.
Technical analysis
The Aussie pair again jostles around 50-day SMA and needs a sustained break above 0.6355 to aim for the 0.6435/45 region comprising February low and the current month high. Meanwhile, a downside break beneath the recent low surrounding 0.6265 can favor the sellers to aim for March-end top close to 0.6215 as well as 21-day SMA level of 0.6153 during the further downside.
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