The Australian dollar found support after taking a heavy beating the other day and is up by some 0.40% on Wednesday morning. According to financial analysts, market participants will not be betting against the US dollar for risk-sensitive currencies like AUD when the Federal Open Market committee confirms an imminent rate hike next month. The AUD/USD failed to post a successful close above the major support zone at the 0.6900 level, which could attract further downside in the near term.
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