FxWirePro: Aussie halts 2-day losing streak, investors await clarity on coronavirus
Monday, February 17, 2020 8:32 AM UTC
- The Australian dollar rose, halting a 2-day losing streak as investors awaited some clarity on whether the coronavirus was being contained or not.
- The major was supported by an announcement by China’s Finance Minister on Sunday that Beijing would roll out targeted and phased tax and fee cuts.
- The Aussie was trading 0.2 percent up at 0.6726, having hit a high of 0.6750 on Wednesday, its highest since Feb. 6.
- Investors also eye this week's RBA Monetary Policy Meeting Minutes and the Federal Open Market Committee (FOMC) Meeting Minutes.
- Technical indicators are bullish on hourly charts: RSI strong at 56, Stochs are biased higher and MACD supports upside.
- Immediate resistance is located at 0.6737, a break above could take it near 0.6755.
- On the downside, support is seen at 0.6707, a break below could drag it till 0.6683.