“¢ After struggling to capitalize on the previous session’s post-RBA upsurge, the pair was seen consolidating through the early part of Wednesday’s trading session below 200-hour SMA.
“¢ The pair finally broke down of its daily consolidative range and momentarily dipped below the key 0.70 psychological mark during the mid-European session, albeit recovered few pips thereafter.
Despite repeated pullbacks from higher levels, the pair has been showing some resilience below the mentioned handle – coinciding with 50% Fibonacci retracement level of the 0.6947-0.7048 up-move, which should now act as a key pivotal point for the pair’s next leg of a directional move.
Meanwhile, technical indicators on the daily chart maintained their bearish bias and have again started gaining negative traction on hourly charts. The set-up points to the resumption of the well-established bearish trend, though traders await a convincing break below the said support
A convincing breakthrough now seems to set the stage for a retest of weekly/multi-month swing lows support – tested earlier this week, near the 0.6965-60 region before the pair eventually slides to 0.6930 intermediate support en-route the 0.6900 round figure mark.
AUD/USD 1-hourly chart
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