AUD/USD: Slump may continue amid markets in panic mode

The AUD/USD pair is down for an eighth consecutive day, and at levels not seen since early 2003 while extremely oversold are being ignored, as FXStreet’s Valeria Bednarik notes.

Key quotes

“Market players continue to run into the greenback amid fears, which means that extreme oversold conditions in the pair are being ignored.”

“The main support is the 0.5800 figure, where the pair set a monthly high back in June 2002. Below it, the next relevant area to watch is 0.5680.”

“Resistances come at 0.5960 and the 0.6010/20 region.”