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  • AUD/USD is starting the new year, retracing a tiny part of the gains made in December.  
  • Key support is seen in the 0.6970/0.6959 price zone. 
 

AUD/USD weekly chart

 
The aussie is kicking off 2020 while trading above the 0.6900 handle and the 50-period weekly simple moving average (SMA). In 2019, the market was under pressure in the first half of the year, but from August onwards, the spot retraced back up. If the bulls keep AUD/USD above the 0.6700 handle, the year 2020 could be sideways to up.
 

AUD/USD daily chart 

 
AUD/USD is retracing down below the 0.7000 handle while trading above the main simple moving averages (SMAs), suggesting an underlying bullish tone.
  
 

AUD/USD four-hour chart

 
The market is nearing the 50 SMA. The buyers will need to reclaim the 0.7000 resistance if they intend to test the 0.7039 and 0.7053 resistances. However, if bears manage to pierce the 0.6970/0.6959 price zone, the market could extend the correction towards the 0.6929 level, according to the Technical Confluences Indicator. 
 

Additional key levels