Downside risks dominated the AUD/USD currency pair on Wednesday. The Australian Dollar declined about 86 base points against the US Dollar during the end of yesterday’s trading session.

Currently, the exchange rate is stranded between SMAs. The 50-hour simple moving average was providing resistance at 0.7088, while the 100-hour moving average was providing support for the rate at 0.7077.

Everything being equal, it is likely that the currency exchange rate continues its downside momentum during the following trading session. Technical indicators suggest a target of 0.70 could be a possibility during the coming hours.

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