AUD/USD: Rise is unlikely to happen in the upcoming week

AUD/USD has crashed to the lowest levels since 2003 amid the coronavirus crisis. Late March's daily chart is pointing to oversold conditions, as FXStreet’s Yohay Elam notes.

Key quotes

“AUD/USD is oversold according to the Relative Strength Index on the daily chart. Despite the recent rise, Momentum remains to the downside and the currency pair is trading below the 50, 100, and 200 Simple Moving Averages.” 

“Some support awaits at 0.5665, which was the low point on Friday. The critical level to watch is 0.5510, which is the fresh multi-year low.”

“Substantial resistance is at 0.60, followed by 0.6160.”