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  • Lowe’s hawkish comments helped the AUD/USD to bounce off lows.
  • The bullish spike fails just ahead of the 0.6800 confluence resistance.

The AUD/USD pair once again managed to find some support near the 0.6770-65 region and spiked to fresh session tops in reaction to the RBA Governor Philip Lowe’s hawkish comments.

The mentioned support, tested earlier this month, coincides with 61.8% Fibonacci level of the 0.6671-0.6930 positive move and should continue to protect the immediate downside.

The knee-jerk bullish spike faltered just ahead of the 0.6800 confluence region, comprising of 200-hour SMA and 50% Fibo. level, which should now act as a key trigger for bullish traders.

Meanwhile, technical indicators on the 1-hourly chart have again started gaining positive traction but maintained their bearish bias on 4-hourly/daily charts, warranting some caution.

Hence, it will be prudent to wait for some strong follow-through buying beyond the mentioned barrier before positioning for any further near-term appreciating move for the major.

AUD/USD 1-hourly chart