AUD/USD dip briefly below 0.61 after RBA says ready for QE, China data eyed

• AUD/USD erodes 200-pips and dips briefly below 0.6100.
• USD rebound and RBA’s readiness to adopt QE weigh on the Aussie.
• Focus on China data dump and coronavirus-related risk trends.

The correction in AUD/USD gathered steam after the Reserve Bank of Australia (RBA) said that it stands ready to adopt a quantitative easing (QE) program and review its rate cut stance this Thursday, way ahead of ts 7 April monetary policy meeting.

The spot surrendered nearly 200-pips rally to 0.6306, induced by the Fed’s unexpected rate cut move that battered the greenback across the board. The Aussie dipped briefly below the 0.6100 level in the last minutes, now trading around 0.6110, still down over 1% on a daily basis.

Markets will continue to watch out for the USD price-action and the coronavirus relief-related global coordinated economic response for fresh trading impetus, In the meantime, the Chinese activity numbers will hog some attention, in the wake of the virus-related disruption in the country last month.

AUD/USD technical levels to watch