The pair remains under extrene pressure amid expectations of a strong drop in global economic growth due to the impact of the coronavirus on global business and economic activity, which leads to a drop in demand for commodity assets. The Australian dollar is a commodity currency.
The price is below the middle Bollinger band, below PMA 5 and SMA 14. RSI is in the oversold zone and moves horizontally. Stoch are growing.
Trading recommendations:
Sell the pair with a probable target of 0.5785 after the price crosses the level of 0.5965.