Australian Dollar (AUD) is going through a span of low rate against USD after a solid gain. The rate is currently 0.6776 for AUD/USD after a 0.26% downfall. The drop was obvious due to the standoff between the US and China.
China, the biggest business and trading partner of Australia, could not reach a full-fledged deal with its US counterpart. The two superpowers came to partial trade deal after intense negotiation and continuous mongering of president Trump.
The partial deal not only brings grim news for the investors but also a significant drop in the export and import. The export dropped by 3.2% whereas the import dropped by 8.5%. No wonder this has affected the exchange rate between USD and AUD.
Based on the current trade situation, the FOREX experts set the resistance cluster of AUD/USD for this session. According to the experts, it is between 0.6783 and 0.6785. Anything below 0.6783 will weakens whereas above 0.6785 will strengthen the AUD against USD.
Any rate within the cluster will indicate a consistent flow of sellers. However, the tendency towards too much sell may invoke more traders to get involved in the market.
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