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Forex

AUD/USD Crashes to One-and-a-Half Week Low Amid US Dollar Buying

Guavy AI Editorial Team
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USD AUD
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The AUD/USD pair has dropped to a one-and-a-half-week low during the Asian session on Wednesday, trading around 0.7135 region.

This comes after some initial market reaction to Australia's better-than-expected Q2 GDP print faded quickly amid US dollar buying, bolstered by rising US Federal Reserve rate hike bets and escalating US-Iran tensions.

The path of least resistance for the AUD/USD pair is to the downside, which backs the case for an extension of the recent pullback from levels just above 0.7200 mark.

A convincing break below support near 0.7125 could expose subsequent Fibonacci supports near 0.7074 and 0.7033.

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