The Australian dollar came up trumps against the greenback after some serious profit taking disallowed the Aussie to break past 0.72. The COVID-19 pandemic has not helped the situation and it showed in the poor import and export figures for Q2.
After several days of misery the USD is making its comeback. Pushing back against the Aussie and bringing the EUR/USD down past 1.1750. However don’t rule it out of the race yet as it shoots past the new found resistance at 1.1750. With not much positive data coming out of Europe except some better unemployment figures in Germany, one has to wonder if yet again COVID is playing its part.
With the situation in the US only worsening, Europe seems to be stabilizing. It’s a long race folks so so get comfortable and enjoy the ride.
AUD/USD Key levels
For the Bulls consider an initial target at 0.7196 with a break above that consider 0.7205
For the Bears 0.7132 and a break bellow consider 0.7110
EUR/USD Key levels
For the Bulls consider an initial target at 1.1780 with a break above that consider 1.1806
For the Bears 1.17 followed by 1.1625