“¢ The pair recovered a part of its early decline to fresh four-month lows, touched in reaction to negative US-China trade-related news, albeit struggled to make its way back above the key 0.70 psychological mark.
“¢ The mentioned handle nears a resistance marked by 38.2% Fibonacci retracement level of the latest leg of downfall from the post-NFP swing high and might now act as a key pivotal point for intraday traders.
“¢ Meanwhile, technical indicators on hourly/daily charts maintained their bearish bias and still far from being in the oversold territory, suggesting that the near-term selling pressure might still be far from over.
“¢ Traders, however, seemed reluctant to place any aggressive bets and prefer to wait on the sidelines ahead of the latest RBA monetary policy update, scheduled to be announced during the Asian session on Tuesday.
“¢ In the meantime, a sustained move beyond the mentioned handle might prompt some short-covering move and lift the pair towards the 0.7025-30 confluence hurdle – 200-hour SMA and 61.8% Fibo. level.
AUD/USD 1-hourly chart
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