Coronavirus is spreading and already leaving the consequences based on the latest car sales numbers from China which were down 92% in the first half of February. This was expected, but because the situation can get even worse we see gold rising while AUD remains positioned on the bearish side. We see pair now at first triangle target, but there can be easily more weakness if we consider that USD/CNH can be only one half of the way towards 2019 levels.
AUD/USD, 1h
USD/CNH, daily
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