AUDUSD Daily Outlook – The US stocks saw one of their worst days in history on Monday, signaling the markets’ increasing struggle with the concern that all these emergency measures won’t slow down a potential recession caused by the coronavirus pandemic.
The USD, on the other hand, remained on top of the list across the major currency pairs.
On Tuesday, besides the continued coronavirus developments, traders will be looking at the Euro-Zone ZEW Survey (Economic Sentiment) and the US retail sales for February.
Today I’m looking at the AUD/USD pair which is showing no signs of slowing down with its rapid drops.
While the key support is set at 0.60, which was where the pair stopped its losses during the 2008 market crash, there’s a good chance that this support won’t hold this time around.
A break below this level could open doors for further declines towards levels that have not been seen in almost 20 years.
How low do you think the AUD will go?
Head over to the comments section and let me know!
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