Rise in virus cases isn’t helping the mood
The Australian dollar is down a half-cent to start the week as concerns grew about a local outbreak. The Melbourne area has been put on stage four lockdown with an 8 pm curfew and no leaving the home except for essentials.
That has combined with a broad bid in the US dollar to start the month. I highlighted the seasonal weakness in AUD in August last week.
Technically, there isn’t much to get excited about yet. The fall today sends AUD/USD to a one-week low but the pair is working with a lot of house money given the 28% rally from the March lows. There’s a minor uptrend to watch and so support from last week at 0.7064. To put the uptrend in question it would take a break of 0.6777.
This article was originally published by Forexlive.com. Read the original article here.