Technical Analysis: AUDUSD refreshes 11-year low after Aussie data, PBOC rate cut
Be it disappointing Unemployment Rate from Australia and the People's Bank of China's (PBOC) rate cut, not to forget the broad US dollar strength amid coronavirus fears, everything weighed on the AUDUSD that slumped to fresh 11-year low on early Thursday. Even so, the pair now nears the key support line figure of 0.6610 while the pair's further declines could recall late-February 2009 high surrounding 0.6545.
On the upside, buyers will hesitate to enter unless the quote rises past-November 2019 low nearing 0.6750. However, that doesn't dim the prospects of witnessing a bounce towards 0.6680 and 0.6710 immediate upside barriers. If at all the quote remains positive above 0.6750, it needs to cross the December 2019 highs close to 0.7030 before being the bull's favorite.