AUD/USD: 11-year lows
Key indicators
Performance in 2020: -6%
Last day range: 0.6582 – 0.6620
52-week range: 0.6582 – 0.7203
Go strategic
Rarely a monthly chart adds much value to short- and mid-term assessments of a currency pair performance. But not this time. Currently, the AUD/USD is at 0.6617. The last time it has been this low was March 2009. 11-year low! That tells something.
Go tactical
The country of origin for 24% of Australian imports is the same as the destination for 35% of exports - China. And now China is hit by the virus. Consequently, Australia gets hit as well. That doesn’t answer why the AUD has been in decline against the USD since 2011, but it does tell us what the mid-term direction for the currency pair will be. Add there state-wide bushfires resulting from climate change, and you will have even more certainty.
Technical levels
Support 0.6582
Resistance 0.6640