The Australian dollar came under pressure after the renewed strength in the US dollar due to the fed’s hawkish monetary policies. The aggressive tightening of monetary policy coupled with the reduction of assets from the central bank’s balance sheet provided strong support to the U.S. dollar this week. Consequently, AUD/USD attracted heavy selling on Wednesday and posted a 0.93% decline. The pair retreated from the monthly high at 0.7660 mark and breached the major support level at 0.75000 mark. Currently, the price is trading at 0.7458 and if the ongoing pullback gets extended towards the next immediate support level at the 0.7400 mark, then one must look for potential selling opportunities in AUD/USD.