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AUDUSD test 0.70000

AUDUSD test 0.70000

AUD / USD at critical level 0.70000. Looking at the chart this pair is a step above the critical new for the Australian dollar. The announcement by the Central Bank of Australia to lower its interest rates, and possibly be negative in the future, burdened the Australian dollar and pulled it down from 0.72000 to the current 0.70500.
The corona cases in Australia have been reduced due to border closures and rigorous measures, but all of this is affecting the economy, there is no tourism , art events, sporting and other public events that have filled Australia’s budget.
Also the slower recovery of China, the figures show that the slowdown will be for a longer period of time, which means that the flow of money will be lower, with investments and all other investments that support the economy. Australia has a large trade exchange with China, so China's recovery is very important to them.
At the beginning of the opening of the New York Stock Exchange, we will have news in the United States about the number of new building permits issued by the government, and we will see how much this will affect the dollar with the corona virus and the upcoming US elections. Trump still fails to inject a new package of financial aid into the economy through Congress, which puts pressure on the dollar. To return to the positive side for the Australian dollar, we look at levels above 0.70800.



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