- The Australian dollar nudged up after tumbling to a near 11-year trough earlier in the day on rising fears of a pandemic.
- The major attempted a minor recovery as the greenback eased on bets for a rate cut by the U.S. Federal Reserve.
- The Aussie was trading 0.4 percent up at 0.6572, having hit a low of 0.6542 earlier, its lowest since March 2009.
- Technical indicators are turning bullish on hourly charts: RSI strong at 57, Stochs are biased higher and MACD supports upside.
- Immediate resistance is located at 0.6590 (23.6% retracement of 0.6750 and 0.6542), a break above could take it near 0.6620 (38.2% retracement).
- On the downside, support is seen at 0.6527, a break below could drag it till 0.6500.
Recommendation: Good to buy on dips around 0.6546, with stop loss of 0.6527 and target price of 0.6586.