The Australian dollar retreats from 0.6900 resistance, with sellers eyeing a break below 0.6875 toward the 200-day MA at 0.6858.
The AUDUSD pair reversed course after testing the 100-hour moving average at 0.6900, where sellers emerged and pushed the pair lower. The level also aligned with a former channel trendline, reinforcing bearish momentum as the pair now targets Friday’s low near 0.6875.
The trading range remains tight at around 25 pips, but a break below 0.6875 could shift focus to the 200-day moving average at 0.6858, a key support level dating back to April 6. Buyers would need to reclaim 0.6900 to improve the near-term outlook, with further resistance at 0.69278 and 0.69552.
Market participants are watching for a directional break, as the current consolidation suggests potential for a larger move in either direction.