Technical Analysis: AUDUSD extends support-break towards 0.6800 amid fresh risk-off
Not only the break of six-week-old support-line, now resistance, but broad risk aversion amid an outbreak of Chinese coronavirus also favors the AUDUSD pair's further declines. As a result, a horizontal line comprising November 22 high and December 11 low, around 0.6800, is likely to flash on the seller's radar. In a case where the bears refrain from respecting 0.6800, November month bottom close to 0.6750 will be recalled to the chart.
During the pair's recovery, 61.8% Fibonacci retracement, at 0.6860, can act as the immediate resistance ahead of the support-turned-resistance, near 0.6870. Given the bulls' dominance past-0.6870, a downward sloping trend line from December 31, close to 0.6900, will be the key to pair's further rise towards the monthly high of 0.6933.