AUDUSD Daily Outlook – On Monday we found out that the ISM manufacturing PMI fell in February, the EU is ready to take measures to protect its economy against the impact of the coronavirus outbreak, the UK manufacturing expanded at the fastest pace since last April, while Japan’s factory activity shrank at the fastest pace since 2016 on Coronavirus hit.
Tuesday we’ll be looking at the Swiss GDP, Euro-zone’s CPI and Australia’s GDP.
On the charts, I’m looking at the AUD/USD pair which reached an 11-year low in February but on Monday corrected some of the losses.
Still, we have a confirmation below a key support level which may have opened doors to further drops towards levels that have not been seen in almost 20 years, starting with the key support at 0.6342 and eyeing as low as 0.55.
Do you think the only way for the Aussie is down from here?
Do you think there’s a chance for it to reverse its current downtrend?
Head over to the comments section and let me know!
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