AUD/USD remains vulnerable near multi-year lows, below 0.6600 mark


  • AUD/USD opens with a bearish gap amid heightened coronavirus fears.
  • The global flight to safety benefitted the USD and added to the selling bias.
  • The technical set-up now seems to support prospects for further downfall.

The AUD/USD pair failed to capitalize on the attempted intraday bounce and remained well within the striking distance of over a decade low set earlier this Monday.

Having witnessed some intraday recovery on Friday, the pair opened with a bearish gap on the first day of a new trading week and was being weighed down by a combination of negative factors.

Growing market concerns over the economic impact of the coronavirus outbreak triggered a fresh wave of the global risk-aversion trade and weighed heavily on perceived riskier currencies, including the aussie.

Meanwhile, the global flight to safety benefitted the US dollar's safe-haven status against its Australian counterpart and further collaborated to the pair's heavily offered tone through the Asian session.

With Monday's downfall, the pair already seems to have found acceptance below the 0.6600 round-figure mark and hence, some follow-through slide, led by technical selling, now looks a distinct possibility.

In absence of any major market moving economic releases from the US, the broader market risk sentiment might continue to act as a key determinant and produce some short-term trading opportunities.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6627
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.6627
 
Trends
Daily SMA20 0.6708
Daily SMA50 0.6827
Daily SMA100 0.6826
Daily SMA200 0.685
 
Levels
Previous Daily High 0.664
Previous Daily Low 0.6585
Previous Weekly High 0.6734
Previous Weekly Low 0.6585
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6619
Daily Fibonacci 61.8% 0.6606
Daily Pivot Point S1 0.6595
Daily Pivot Point S2 0.6562
Daily Pivot Point S3 0.654
Daily Pivot Point R1 0.665
Daily Pivot Point R2 0.6672
Daily Pivot Point R3 0.6705

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

USD/JPY off lows, stays pressured near 142.50 ahead of BoJ policy decision

USD/JPY off lows, stays pressured near 142.50 ahead of BoJ policy decision

USD/JPY has bounced off lows but remains pressured near 142.50 in the Asian session on Friday. Markets turn risk-averse and flock to the safety in the Japanese Yen while the Fed-BoJ policy divergence and hot Japan's CPI data also support the Yen ahead of the BoJ policy verdict. 

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures