FxWirePro: Aussie plunges near 11-year low, likely to break below 0.6500
The Australian dollar plunged to a near 11-year trough amid diminishing hopes the coronavirus outbreak could be contained in China as infections spread around the globe. The Aussie was trading 0.5 percent down at 0.6536,…
The Australian dollar plunged to a near 11-year trough amid diminishing hopes the coronavirus outbreak could be contained in China as infections spread around the globe.
The Aussie was trading 0.5 percent down at 0.6536, having hit a low of 0.6516 earlier, its lowest since March 2009.
Technical indicators are bearish: RSI weak at 25, Stochs are at oversold levels and MACD supports downside.
Immediate resistance is located at 0.6585, a break above could take it near 0.6604 (38.2% retracement of 0.6750 and 0.6516)
On the downside, support is seen at 0.6498, a break below could drag it till 0.6479.
Recommendation: Good to sell on rallies around 0.6565, with stop loss of 0.6585, and target price of 0.6498.
