AUD/USD falls to new 2020 lows near 0.6760

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AUD/USD falls to new 2020 lows near 0.6760

  • The AUD/USD pair is losing control below the 0.6800 level.
  • China coronavirus vs economic impact hurts sentiment.
  • NAB Business Confidence and Consumer Price Index due later this week.

The Australian dollar is now under additional selling pressure and is dragging the AUD/USD pair to fresh annual lows in the 0.6760 region.

AUD/USD to focus on China and data

The pair fell for the second consecutive session at the beginning of the week, extending the rejection from the late December high beyond the 0.70 figure.

The increasing weakness around the Australian dollar is linked to the potential impact of the Chinese coronavirus on the economy, while the ongoing selloff in crude oil prices is also cooperating with the pessimistic mood surrounding the currency.

On the data front in Australia, the Business Confidence Index tracked by NAB is due on Tuesday, followed by Q4 headline inflation numbers on Wednesday and producer prices on Friday.

AUD/USD levels to watch

At the moment, the pair is losing 0.83% at 0.6768 and is facing the next support at 0.6754 (monthly low on November 29), followed by 0.6723 (low on October 16, 2019) and then 0.6670 (monthly low on October 2, 2019). On the other hand, the breakout of 0.6840 (100-day SMA) aims at 0.6878 (200-day SMA) and finally 0.6933 (16th Jan high).

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