AUD/USD: Trend is to the downside

AUD/USD has tumbled down to the lowest since 2009 amid coronavirus fears and other factors. Late February's daily chart is pointing to the downside, according to FXStreet’s analyst Yohay Elam.

Key quotes

“The Relative Strength Index on the daily chart has dropped below 30 – indicating substantially oversold conditions.”

“Momentum remains deeply to the downside, and the A$ is trading well below the 50, 100, and 200-day Simple Moving Averages.” 

“Overall, there is a likelihood that an upswing is on the cards, but that the trend is to the downside.” 

“The new low of 0.6585 provides initial, yet weak support. Further down, 0.6550 and 0.65 may slow the fall.”