Aussie slumps on rising global worries over China virus
The Australian dollar was sharply down in early Monday’s trading (0.6% so far) despite the national holiday, as rising fears over virus spreading further soured the sentiment and increase pressure on Aussie.
Fresh bearish acceleration broke below daily cloud (0.6824/58), on track for the biggest one-day fall in three weeks and in extension of broader weakness into the fifth consecutive week.
Bears pressure pivotal supports at 0.6756/54 (Fibo 76.4% of 0.6670/0.7032 / 29 Nov trough), break of which would open way towards key longer-term supports at 0.6670/43 (Oct 2019 / Dec 2018 lows, the lowest since 2009).
Bears so far ignore oversold daily conditions and fading bearish momentum, however, some price adjustment which would provide better selling opportunities, can be anticipated in coming sessions.
Res: 0.6800; 0.6817; 0.6839; 0.6857
Sup: 0.6754; 0.6723; 0.6687; 0.6670