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AUD to suffer further downfall as tension with China flares

The ever growing tensions with it’s top trading partner, Australia is facing a immense economic blow. With Beijing implementing a colossal 80% tariff on barley, this stemming from a decision in Canberra to investigate China’s response to the coronavirus.

However, the AUD/USD is trading within an uptrend, formed around the end of April. While upside momentum on the daily chart has dwindled, our technichles still point to a continued bullish run.

We see some resistance at 0.6560 followed by 0.6610, the peak of the pair in May.

Support comes at 0.65, which is a psychologically significant level. Below the uptrend support line, the next cushion is at 0.6375, which is a double-top from early May.
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