AUD/USD Tests 0.7120 Support After Sharp Selloff

AUD/USD is under renewed selling pressure and trading just above the key 0.7120 support level following weaker Australian GDP data. The pair has shifted from a gradual range-bound pullback reported on June 3 into a more decisive downside move on June 4. UOB analysts flag immediate downside targets at 0.7095 and broader risks toward 0.6850-0.6870 if 0.7120 breaks, while stabilization requires a breach of 0.7185. Drivers include a stronger USD, weak Chinese data, and diverging RBA-Fed policy outlooks. Traders are advised to monitor price action around 0.7120 for the next directional signal.