AUD/USD: Further downside potential with key support at 0.90
The Australian Dollar lost significant ground against the greenback on Wednesday, with the pair continuing to stay within the consolidation area that we have been in for roughly a month. At 0.9147 at the time of writing, the market tried to rally but the bears pulled it back to where it opened. For today we expect to see further downside potential with key support level at 0.90. If we manage to break below that, we could see a free fall with next key support level sitting at 0.8763. In the alternative scenario we will have to see a consistent break above 0.93 in order to get on the long side of the market, but this is hard to imagine at the moment.
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