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21 Feb 2020

AUD/USD Price Analysis: Refreshes multi-year low as Bears conquer 0.6600

  • AUD/USD drops to the fresh low since February 2009.
  • A six-week-old downward sloping trend line may offer a bounce below 0.6600.
  • Bearish MACD continues to counter oversold RSI conditions.

AUD/USD drops below 0.6600, low of 0.6596, during early Friday. In doing so the pair refreshes the 11-year low with the bearish MACD indicating further declines.

With that mind, highs marked during late-February 2009, near 0.6550/45 are likely nearby support ahead of highlighting a downward sloping trend line since January 07, at 0.6540.

Should there be a further weakness below 0.6540, 0.6500 round figure could flash on the chart.

Alternatively, if oversold RSI conditions could trigger a pullback, buyers will target February 07 low near 0.6660.

AUD/USD daily chart

Trend: Bearish

 

Feb 21, 2020

Breaking: AUD/USD prints fresh decade low below 0.66

AUD/USD pair dropped to 0.6598, the lowest level since 2009, soon before press time, taking the weekly loss to over 1.4%. The selling interest around
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Feb 21, 2020

China’s CommerceMin: Accelerating plans for further measures to support firms and economy

A spokesman from China Commerce Ministry said on Friday that the government is accelerating plans for further measures to support firms and the econom
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