AUDUSD - Under pressure

AUDUSD (1H) - short term bearish bias

The Australian dollar came under renewed pressure after it struggled to stay above the major support level of 0.6810. Two consecutive attempts at the previous top of 0.6860 could not lift offers in that area, which suggests strong bias toward the downside. As the 20-hour moving average crossed below the 30-hour one, sentiment has switched in bears' favour. We expect the sell-off to increase in volume with 0.6780 as the immediate target.

Key support: 0.6780
key resistance: 0.6830