AUDUSD surges on broad dollar weakness.
AUDUSD under bullish pressure today as the result of the board dollar weakness after President Donald Trump signed a coronavirus aid and spending bill. The markets are ignoring the fact that U.S. Senate Majority Leader Mitch McConnell on Tuesday blocked immediate consideration of the increase of COVID-19 relief payments to $2,000 and are instead focusing on the prospects for more dollar weakness later next year – because President-elect Joe Biden is expected to push for even more economic support measures. Wide scale dollar losses are also visible via the euro, the New Zealand dollar, Swiss franc and also broadly via Asian currencies. Latest breakout of the key resistance 0.7635 added to the bullish pressure on AUDUSD.
Expect buyers on downward corrections.
Next resistance to watch – 0.7675 (monthly top from June of 2018)
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