Fallout from Covid-19 Pandemic still Creates Bearish Pressure for AUD/USD

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Hollywood actor Tom Hanks and his wife got infected by the coronavirus in Australia. This confirms the large-scale fallout from the Covid-19 Virus in Australia. Before the outbreak happened, Australia's economy had already suffered a negative impact from China as Australia is the major supplier of commodities to China's industry. So, the aussie is vulnerable to any negative developments in China. Now from the technical viewpoint, according to the Daily Chart the CCI (30) has already passed through three important levels: 100, 0, and -100 and the price is moving below the EMA 30. We know exactly the downward pressure is strong enough and now this pair will try to break the nearest Liquidity Pool at 0.5228.

The overall bias of AUD/USD now is bearish.

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