AUD/USD renews 3.5-month lows amid poor Australian NAB Survey, coronavirus crisis

AUD/USD refreshes 3.5-month low just below 0.6750 with Australia's business confidence gauge hitting multi-year lows. The pair is currently trading around 0.6750, reporting marginal losses on the day. China's coronavirus contagion also weighs on the Aussie. 

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FX Kicks Off with Big Losses, Fear Trade to Spread

GBP/USD 1.3050 is Crucial

FX Kicks Off with Big Losses, Fear Trade to Spread

Coronavirus dominates headlines and hampers risk appetite

SPECIAL YEARLY FORECAST

Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.



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GBP/USD is looking for s new direction as speculation about the upcoming Bank of England decision rocks the pound. How is the currency pair positioned?

The Technical Confluences Indicator is showing that pound/dollar is capped at 1.3134, which is the convergence of the Simple Moving Average 5-15m, the SMA 10-4h, the Fibonacci 61.8% one-day, the Fibonacci 61.8% one-month, and more.

Support is somewhat weaker. At 1.3100, the confluence of the Pivot Point one-day Support 1, the previous daily low, and the SMA 200-4h is seen.

The upside target is 1.3223, which is the meeting point of the Bollinger Band one-day Upper and the Fibonacci 161.8% one-week.

Looking down, support awaits at 1.3058, which is where the 50-day SMA and the Fibonacci 61.8% one-week converge.

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