Australian Dollar consolidates as coronavirus fears persist – Bears keep their sights on the US$0.6555

February 26, 2020 - 1 month ago
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The Australian Dollar bulls continue to defend the region of US$0.6555, as the demand once again emerges in front of this level at the multi-year lows of US$0.6580-85.

With the upside remaining limited, the AUD/USD pair is expected to fail from any movement above the resistance located from US$0.6620 minor, with ‘supply zone’ lowered to US$0.6660-80.

Global market’s shuddered overnight following the Health officials at the Centers for Disease Control (CFD) said on Tuesday that the coronavirus is “likely” to continue to spread throughout the United States and the American public should “prepare for the expectation that this is going to be bad.”

Top White House economic advisor Larry Kudlow told news sources that the U.S. economy is “holding up nicely” and that the coronavirus in this country is “pretty close to air-tight’ containment.

Infectious disease experts say that 80% of infections are mild, no more severe than the common cold.

News of the uptick in U.S. cases comes as the worldwide count topped 80,200 people, the overwhelming majority in China. At least 2,704 people have died.

Turning back to the technical standpoint, the focus is expected to remain on US$0.6555 support region, with the broader call holding to the region of US$0.6400.

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