The Australian dollar slips as market sentiment grows cautious across risk asset classes. The bulls’ second attempt at the demand-turned-supply zone around 0.6710 has failed to impress. A drop below 0.6660 has turned it into resistance, prompting intraday buyers to close their bets and compounding the pressure. This suggests that the bias would remain bearish after the previous break below the yearly low of 0.6700. The latest rally would turn out to be a dead cat bounce if losses extend beyond the swing low of 0.6570.
