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  • AUD/USD is starting the new year by pulling back down below the 0.7000 handle. 
  • The level to beat for sellers is the 0.6929 support. 
 
 

AUD/USD daily chart 

 
AUD/USD is retracing down for the fourth consecutive day while below the 0.7000 handle and above the main simple moving averages (SMAs). 
  

AUD/USD four-hour chart

 
The market is retracing down below the 50 and 100 SMAs as the spot is trapped in the 0.6960-0.6929 range as expected. Sellers would be looking for a break below the 0.6929 level and set their eyes on 0.6893 in the medium term. However, if bulls get a daily close above the 0.6970/0.6959 price zone, then the 0.7000 handle can be back on the radar, according to the Technical Confluences Indicator.
 

Additional key levels