The market reaction so far has been more positive with risk trades jumping across the board, as we see US futures pare earlier losses while risk currencies are pushing higher as well.
Notably, AUD/USD has jumped up above the 0.6000 level to post over 1% gains on the day as buyers are looking to exert further near-term control after breaking above the 200-hour MA (blue line) much earlier in the day.
As such, the near-term bias in the pair remains more bullish and a hold above 0.6000 will be key for buyers to build on any further retracement to the upside.
The issue with all of this though, this is an expected relief that we all saw coming from a mile away. But it comes in the wake of a massive drop in equities/risk over the past three weeks that was begging for a correction anyway.
As optimistic as it sounds, we'll have to see how this keeps up with the continued headlines surrounding the virus outbreak across the globe.