AUD/USD - More Risk of Downsides

AUD/USD has witnessed heavy declines and dropped to fresh 11-year lows, around the 0.6570 region.

This follows two days of no real direction for the pair, which has come under pressure during the Asian session on Wednesday.

The pressure is due to the deadly coronavirus virus outbreak and its impact on the Chinese economy which is a key factors that kept exerting pressure on the China-proxy Australian Dollar.

The pair’s inability to record any meaningful recover, despite global markets stability suggests that the bearish pressure could be far from being over.

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