Downside risks have dominated the Australian Dollar lower against the US Dollar since Friday’s trading session. The currency pair has declined by 107 points or 1.48% during this period.
Most likely, bears are likely to continue to pressure the exchange rate lower during the following trading session. The potential target for the AUD/USD pair will be at the 0.7081 level.
A possible upside reversal could occur from a support cluster formed by the weekly pivot point and the weekly S1 near the 0.7076 area within this session.
