- Having failed to find acceptance above the key 0.70 psychological mark, the AUD/USD pair came under some intense selling pressure on Monday and is currently placed near the 0.6965-60 support area.
- The mentioned region comprises of 38.2% Fibo. level of the 0.6862-0.7022 recent up-move and 200-hour SMA, which should now act as a key pivotal point for the pair’s next leg of a directional move.
With technical indicators on hourly/daily charts holding in the negative territory, a convincing break through the said confluence support will confirm a near-term breakdown and pave the way for the resumption of the pair’s prior well-established bearish trend.
The slide could then get extended towards the 0.6940 intermediate support – 50% Fibo. level, before the pair aims back to challenge the 0.6900 handle before eventually dropping to test the recent multi-month swing lows, around the 0.6865-60 region.
AUD/USD 1-hourly chart
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