• The pair met with some fresh supply at the start of a new trading week and moved within the striking distance of multi-month lows support set in the previous week.
• The China-proxy Australian Dollar has been one of the weakest major currencies and continues to be weighed down by the recent escalation in US-China trade tensions.
Technical indicators maintained their bearish bias on hourly/daily charts and are still far from being in the oversold territory, supporting prospects for an eventual bearish break through the mentioned support near the 0.6965-60 region.
The fact that the pair remains below its important daily/intraday moving averages – 50, 100 & 200-period SMAs, a convincing break will be seen as a key trigger for bearish traders and intensify the downside pressure amid the prevailing risk-off mood.
AUD/USD 1-hourly chart