AUD/USD: Bears eyeing 0.7100 on fears of a contested election

• AUD/USD tracks the S&P 500 futures lower amid risk-aversion.
• Florida and Pennsylvania are a toss-up and crucial for the race.

AUD/USD faded its recovery attempts and now resumes its declines towards 0.7100, almost 100-pips down from daily highs of 0.7220.

Markets are facing growing fears of a contest election, with Florida results showing a Trump win while elsewhere Biden remains in the lead.

The state of Pennsylvania is crucial for the race and is likely to go to Biden. Republican Senate leader Mitch McConnell won re-election in Kentucky.

The safe-haven US dollar is reversing early losses, as uncertainty is gaining ground while favoring President Trump.

The futures tied to the S&P 500 index drop 0.40%, weighing heavily on the higher-yielding AUD/USD. At the time of writing, the aussie drops 0.35% to trade at 0.7130.

AUD/USD additional levels