FxWirePro: AUD/USD pauses upside, Aussie under pressure on Australia's outlook downgrade

AUD/USD chart - Trading View 

AUD/USD slipped lower after 2 straight sessions of gains, bias remains bullish.

The pair was trading 0.49% lower on the day at 0.6137 at around 04:50 GMT, after closing 1.32% higher in the previous session.

The antipodean came under pressure after S&P cut Australian credit outlook to negative.

The shift in risk-tone adds burden onto the Aussie pair. Fresh figures from the US, Spain and the UK renewed fears of the deadly disease on late-Tuesday.

Major trend in the pair is bearish. Price action hovers around 21-EMA. Failure to break above could see downside resumption.

The pandemic headlines and FOMC minutes will be important. Minutes from the unscheduled FOMC meeting on 15 March could provide fresh impetus.

Major Support Levels - 0.6088 (5-DMA), 0.6031 (20-DMA)

Major Resistance Levels - 0.62, 0.6276 (50% Fib)