AUD/USD hits a fresh low of 0.5942 on the day

AUD/USD M1 18-03

There appears to still be no reprieve for the aussie against the dollar as the greenback surges with gains on the day while the aussie continues to languish amid the softer risk mood, and with anticipation of RBA QE measures tomorrow.

After falling below 0.6000 for the first time since 2003, the real last line of defense - if you really want to be picky - is a trendline support around 0.5915 currently.

But with current market sentiment so overwhelming, it is hard to imagine that being the place where the pair sees a dramatic turnaround. However, it could offer some additional support as the aussie stays pressured since the turn of the year.

There is no picking a bottom in AUD/USD until we actually do see the near-term technical picture shift back to favour buyers or the market sentiment starts to move past the pessimism from the economic fallout due to the virus outbreak.

Otherwise, once again, don't catch the falling knife here.