AUD/USD Price Analysis: Aussie trades near session’s lows below 0.6860 level

 

 

AUD/USD rejected the 0.6900 handle and the 200-day simple moving average (DMA) as the overall bias remains bearish for the aussie.

 

 

AUD/USD is retracing down, now trading below the 50 SMA and approaching the 200 SMA on the four-hour chart. It seems that bulls have stepped out, leaving the bears in control. A break below the 0.6839 support can yield further weakness towards the 0.6825 and 0.6800 handle, according to the Technical Confluences Indicator. However, the market might enter in a range before doing so. On the other hand, bulls want to bring back the market above the 0.6890 resistance to retest the 0.6911 and 0.6932 level.