AUD/USD falls to a low of 0.6570, lowest level since 2009
The aussie still can't get off the floor and despite mixed flows in the dollar yesterday, the pair continues to hug the 0.6600 level before falling off in early trades now.
The low touches 0.6570 and technically, there is little in the way of a more protracted drop in the currency pair from hereon. A look at the bigger picture:
Given heightened concerns surrounding the coronavirus outbreak, the aussie will continue to find it difficult to post any meaningful rallies as the risk mood stays affected.
The recent pause in AUD/USD price action over the past few days might have suggested a temporary bottom but the dip in the past hour suggests that now is still not the time to be catching the falling knife just yet.
Besides, near-term price action also continues to sit below the 100-hour MA @ 0.6608 with little indication to even push towards the 200-hour MA @ 0.6653.
As such, the path of least resistance remains lower for the pair until that changes.
