The Australian dollar gained almost 0.5% on Friday. That cover the previous losses that created after the ruling Liberal party voted in a new leader. By doing that they stopped the political crisis that drove down investors’ confidence. Barclays strategist Shinichiro Kadota said "The Australian dollar rose just as much as it shed quite a lot over the past week due to domestic political uncertainty," The new prime minister will be Treasurer Scott Morrison due to the fact that he won a three-way battle for the leadership of the Liberal party on Friday. The AUDUSD fell 1.4 % on Thursday and became the worst performing G10 currency, after the lowest level of support since January 2017 of A$0.7202 last week. The fall was affected by the country’s political uncertainty. The US Dollar stayed at the recent gains after U.S. and Chinese officials ended two days of trade talks without any positive outcome. The Aussie went up about 50-pips as the Australian political tensions eased. On the 1h timeframe, the support level is at 0.7240 as the price now is at 0.7278 and the next resistance is at 0.7288.
