Australian Dollar drops broadly today and selling pressure also intensified. Victoria state Premier Daniel Andrews confirmed that a total of 288 coronavirus cases were recorded in 24 hours, making a record daily increase since the start of the pandemic. Andrews requested the residents there to wear masks anywhere they can’t social distance. He’s also unsure whether the reimposed lockdown in metropolitan Melbourne would end in six weeks as planned.
The Aussie is also weighed down by weakness in Asian stocks, as China Shanghai SSE ended its winning streak. Yen is back in control as the strongest one for today. AUD/JPY’s steep decline today argues that sideway pattern from 72.52 might have finally completed at 75.15. Correction from 76.78 is ready to resume. Focus will be on 72.52 support, probably next week. Break will extend the corrective fall from 76.78 to 38.2% retracement of 59.89 to 76.78 at 70.32.
