AUDUSD trades to a new week low on coronavirus fear

Technical Analysis

Author: Greg Michalowski | audusd

Running away from the 100 day MA

The AUDUSD has turned to the downside as fears of the coronavirus is taking hold into the weekend.  

Running away from the 100 day MA
In the process, the pair is moving away from its 100 day MA at 0.6839, and below the earlier lows for the week at 0.6827. Those levels are now risk/bias defining levels. Stay below is more bearish. 

The next downside target comes in at 0.68126 (minor swing low target), and then the low from December 10  at 0.67999 (call it 0.6800). A lower channel trend line comes in at 0.6795 currently (and moving lower).  

US stocks are now trading in the red which is leading to risk aversion. Gold is up $9.36. The USDJPY is also moving lower.  

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