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AUD/USD Eyes Day 2 of RNC with 69 Days Until US Presidential Election

AUD/USD Eyes Day 2 of RNC with 69 Days Until US Presidential Election

Dimitri Zabelin, Analyst

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

  • 69 days until the presidential election with Biden still in the lead
  • US Dollar may tick higher after RNC and Mike Pompeo’s speech
  • AUD/USD stalling at key inflection range – what happens now?

69 DAYS UNTIL THE US PRESIDENTIAL ELECTION

The general election is now 69 days away, and President Donald Trump is no closer to narrowing the gap between him and Democratic candidate Joe Biden. The recently-concluded three-day DNC saw Biden's net favorability climb higher. Mr. Trump has not yet seen a similar uptick in his figures so far, thouugh the upcoming two days could see a shift in the President’s support.

2020 US Presidential Election Polls

AUD/USD Eyes Day 2 of RNC with 69 Days Until US Presidential Election

Source: RealClearPolitics

Day 2 of RNC

The first night of the Republican National Convention included well-known figures like South Carolina Governor and Ambassador to the UN Nikki Haley, Donald Trump Jr. and the President himself. Commentary from the event reflected broad support for Mr. Trump as well as critiques of the Democratic party and its nominee. Read more about why the RNC’s lineup this year breaks convention and why it matters.

The Biden campaign is taking aim at Secretary of State Mike Pompeo who is scheduled to speak on Tuesday night, though not in his official capacity as aSenate-confirmed presidential appointee. Mr. Pompeo is expected to speak on the achievements of foreign policy under the current administration which could include hints at what outward-facing policy would look like under another 4-year Trump presidency.

AUD/USD Analysis

Concern about the tone and of the Secretary of State could push the US Dollar higher at the expense of sentiment-sensitive currencies like the Australian Dollar. The speech is coming at a time when AUD/USD is hovering below the second layer of a two-tiered inflection range between 0.7181 and 0.7206. The lack of upside follow-through suggests an underlying hesitation to climb 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

To contact Dimitri, use the comments section below or @ZabelinDimitri on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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