AUD/USD Price Analysis: Extends losses below 0.6500 following the latest catalysts

  • AUD/USD registers three-day losing streak.
  • US Coronavirus Task Force Briefing, RBA’s Debelle mainly directed the latest moves.
  • 21-day SMA, five-week-old falling trend line restrict near-term upside.
  • Bears seem to play around lows marked during the last-week and Tuesday.

In an absence of positive announcements from the US Coronavirus (COVID-19) Task Force Briefing and RBA’s Debelle, AUD/USD remains under pressure around 0.6495 amid the early Wednesday morning in Asia.

The US policymakers failed to offer any fresh headlines concerning President Donald Trump’s earlier promise of ‘major’ economic response.

Read: US COVID-19 Task Force Presser: Costs will be covered by US health insurance industry for those contracted the virus

Following that, RBA’s Deputy Governor Guy Debelle cited fears of the deadly virus but showed relief in weaker Australian dollar while also indicating confidence in the policymakers’ fiscal-monetary steps. In doing so, the RBA diplomat failed to provide any key details of the Aussie central bank’s next moves.

Read: RBA deputy governor, Debelle: Coronavirus causing large increase in risk aversion, uncertainty

As a result, the Aussie pair extends its fall below 0.6500, not to mention a sustained weakness under 21-day SMA and a downward sloping trend line since February 05, 2020.

Traders are currently looking for revisiting the last week’s low, also tested on Tuesday, around 0.6460, ahead of targeting further declines to Monday’s bottom surrounding 0.6310.

Alternatively, a 21-day SMA level of 0.6615 and the short-term resistance line near 0.6645 can keep challenging the buyers targeting early February lows near 0.6660.

AUD/USD daily chart

Trend: Bearish

Additional important levels

Today last price 0.6499
Today Daily Change -0.0088
Today Daily Change % -1.34%
Today daily open 0.6587
Daily SMA20 0.6632
Daily SMA50 0.6754
Daily SMA100 0.6805
Daily SMA200 0.6831
Previous Daily High 0.6686
Previous Daily Low 0.6311
Previous Weekly High 0.6658
Previous Weekly Low 0.6465
Previous Monthly High 0.6775
Previous Monthly Low 0.6434
Daily Fibonacci 38.2% 0.6454
Daily Fibonacci 61.8% 0.6543
Daily Pivot Point S1 0.6371
Daily Pivot Point S2 0.6154
Daily Pivot Point S3 0.5996
Daily Pivot Point R1 0.6745
Daily Pivot Point R2 0.6903
Daily Pivot Point R3 0.712



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