The Australian dollar softens as the state of Victoria goes into a five-day lockdown.
Last week’s bearish breakout below 0.7450 has given the bears the upper hand. The price’s failure to lift offers around 0.7500 further confirms the downward bias. The current consolidation is likely an accumulation phase for the sell-side.
Buyers are struggling to hold above the critical support at 0.7410. A drop could invalidate the timid rebound and trigger a new round of sell-off towards 0.7300.
