FxWirePro: Aussie plunges near 11-year low amid persisting coronavirus fears

• The Australian dollar plunged to a near 11-year trough as the rapid spread of the virus and its impact on global economic activities increased bets for monetary policy easing by global central banks.
   
• Investors brace for the coronavirus outbreak to hit the world economy, stoking expectations for rate cuts from the U.S. Federal Reserve and European Central Bank.
   
• The Aussie was trading 0.4 percent down at 0.6577, having hit a low of 0.6569 earlier, its lowest since March 2009.
   
• Technical indicators are bearish: RSI weak at 24, Stochs are at oversold levels and MACD supports downside.
   
• Immediate resistance is located at 0.6610 (23.6% retracement of 0.6750 and 0.6569), a break above could take it near 0.6636 (38.2% retracement). 
   
• On the downside, support is seen at 0.6558, a break below could drag it till 0.6527.
   

Recommendation: Good to sell on rallies around 0.6598, with stop loss of 0.6610 and target price of 0.6558.