Risk aversion weighs on the Australian dollar while USD remains weak on Fed rate cut expectations. AUD/USD upside limited by 0.6635 again, retreats under 0.6600. The AUD/USD pair approached weekly highs but it found resistance at 0.6635 and turned to the downside. The pair erased losses and bottomed at 0.6582. Near the ends of the American session it is hovering around 0.6590, consolidating modest losses for the day. The greenback lost ground against main European currencies and the yen but it strengthened against commodity and emerging markets on the back of risk aversion. Equity prices in Wall Street were falling more than 2.50%. “Markets failed to hold onto yesterday’s better tone as news of the spread of COVID-19 in Europe and the US continued. Risk liquidation and demand for safe-haven assets resumed”, explained ANZ analysts. “Pressure for the Fed to act again in March is huge and we expect the ECB to act next week, while incoming BoE Governor, Andrew Bailey, could cut rates before the 26 March MPC meeting”, added analysts at ANZ. On Friday, during the Asian session, January’s retail sales are due in Australia. Later during the day, at 12:30 GMT the US official report will be released. Market consensus point to an increase in payrolls of 175K. Short-term Levels to watch On the upside, a recovery above 0.6615 could strengthen AUD/USD for another test of 0.6635. While under 0.6580, the pair should weaken further. Support levels might be seen at 0.6560 and 0.6535. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK reports first coronavirus death, jump in new cases FX Street 3 years Risk aversion weighs on the Australian dollar while USD remains weak on Fed rate cut expectations. AUD/USD upside limited by 0.6635 again, retreats under 0.6600. The AUD/USD pair approached weekly highs but it found resistance at 0.6635 and turned to the downside. The pair erased losses and bottomed at 0.6582. Near the ends of the American session it is hovering around 0.6590, consolidating modest losses for the day. The greenback lost ground against main European currencies and the yen but it strengthened against commodity and emerging markets on the back of risk aversion. Equity prices in Wall Street were falling… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.