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, 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.