The risk-sensitive Australian dollar has been under pressure since the beginning of this week and is down 1.32% hovering near the 0.69300 level in the European session on Wednesday. AUD/USD is highly bearish as multiple technical indicators are flashing bearish signals. The price is trading below the 21-day and 50-day exponential moving averages as the selling pressure continues to persist. Bulls have not hoped for this kind of sharp correction as the price action has printed the largest red candle stick in the last two months on the daily chart.
