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AUD / USD looks at RNC day 2 with 69 days ahead of US presidential election


AUD / USD, US Dollar, RNC, Trump, Election 2020 – DISCUSSION POINTS

  • 69 days before presidential election with Biden still in the lead
  • US dollar can check higher after RNC and Mike Pompeo speech
  • AUD / USD blocking at the key inflection range – what happens now?

69 DAYS UNTIL THE UNITED STATES PRESIDENTIAL ELECTION

The general election is now 69 days away and President Donald Trump is nowhere near closing the gap between him and Democratic candidate Joe Biden. The recently concluded three-day DNC saw the latter’s net favorability climb, although we did not see a similar rise in the former’s numbers. However, the next two days could see a shift in the President’s support.

Polls for the 2020 U.S. Presidential Election

AUD / USD looks at RNC day 2 with 69 days ahead of US presidential election

Source: RealClearPolitics

RNC Day 2

The first night of the Republican National Convention featured well-known figures like South Carolina Gov. and UN Ambassador Nikki Haley, Donald Trump Jr. and the President himself. Comments on the event implied broad support for Mr. Trump and criticism of the Democratic Party and its candidate Joe Biden. Learn more about why this year’s RNC lineup breaks convention and why it matters.

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The latter’s campaign targets Secretary of State Mike Pompeo, who is due to speak on Tuesday evening, but not in his official capacity asPresidential appointment confirmed by the Senate. Mr Pompeo is expected to talk about foreign policy achievements under the current administration, which could include clues as to what an outward-looking policy would look like under another four-year Trump presidency.

AUD / USD Analysis

Concern for tone and Secretary of State could push the US dollar higher at the expense of sentiment-sensitive currencies Australian dollar. The speech comes at a time when AUD /USD planes below the second layer with a two-level inflection range between 0.7181 and 0.7206. The lack of upward tracking suggests an underlying reluctance to move higher. Perhaps greater political clarity is the right catalyst to push it higher.

AUD / USD – Daily chart

Chart showing AUD / USD

AUD / USD chart created using TradingView

— Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

Contact Dimitri, use the comments section below or @ZabelinDimitri sure Twitter



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