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Sellers are keeping near-term control with the highs today failing to get above the 100-hour moving average near 0.6920 earlier in the day. We are now seeing price stumble to fresh lows of 0.6875 and that is closing in on last week’s lows around 0.6869-75.
A break below that will bring the focus back to the double-bottom around 0.6850 with the May low at 0.6829 a key support level to pay attention to. There’s not much catalyst for the aussie dribbling lower today as the dollar is trading more mixed, holding light gains against the euro and pound but losing ground against the franc.
Month-end flows are a consideration though but the best we can do is to lean on the technicals to get a sense of things and that is as per outlined above. For buyers, they must get back above 0.7000 for any sense of a meaningful rebound in AUD/USD.