Aussie falls to new eleven-year low
The Aussie fell further on Friday, weighed down by persisting virus concerns and probed below 0.66 handle to hit new low at 0.6585 (the lowest since Mar 2009).
The pair is on track for strong bearish weekly close that adds to negative signals, as break of last significant supports at 0.6670 zone opens way towards 0.6261 (Fibo 76.4% of 0.47731.1079 ascend).
Bounce from new low in early European trading is expected to be limited as overall picture is negative and rising bearish momentum on daily chart outweighs signals from oversold stochastic / RSI, however, stronger upticks on end-of-week profit-taking cannot be ruled out.
Broken former supports at 0.6670 zone now mark initial resistance, which is expected to cap and keep bears fully in play.
Only bounce and close above falling 10DMA (0.6685) would sideline bears and generate stronger recovery signal, which would require verification on close above 0.6700/05 (bear-trendline / falling 20DMA).
Res: 0.6623; 0.6670; 0.6685; 0.6705
Sup: 0.6585; 0.6574; 0.6541; 0.6520