Downside risks dominated the Australian Dollar against the US Dollar on Wednesday. As a result, the exchange rate plummeted by 114 basis points or 1.60% during Wednesday’s trading session.
The currency pair bounced off from the weekly support level at 0.7050 during the Asian session on Thursday. Most likely, bulls would pressure the AUD/USD pair towards a resistance cluster near the 0.7104 area today.
On the other hand, the currency exchange rate might reverse from the current price level at 0.7073 and could continue to edge lower during the following trading session.