AUD/USD eases from 1-1/2 week tops, holds steady below 0.6100 mark

• AUD/USD continued with its recent recovery move amid some follow-through USD selling.
• The USD bearish pressure now seems to have receded and kept a lid on any additional gains.

The AUD/USD pair edged higher through the Asian session and climbed to 1-1/2 week tops in the last hour, albeit retreated few pips thereafter.

The pair built on its recent recovery move from the vicinity of the key 0.5500 psychological mark, or over 17-year lows and gained some follow-through traction on Friday amid persistent selling bias around the US dollar.

The perceived riskier currency – the aussie – further benefitted from easing concerns over an imminent global recession, all against the backdrop of the Fed's unlimited QE and a massive $2.2 trillion US economic stimulus package.

Meanwhile, the USD bearish pressure now seems to have receded, at least for the time being, which seemed to be the only factor that kept a lid on any further positive move, rather led to a modest pullback of around 40 pips from daily tops.

The pair has now slipped back below the 0.6100 round-figure mark. In absence of any major market-moving economic releases, the pair remains at the mercy of developments surrounding the coronavirus saga and the USD price dynamics.

Technical levels to watch