AUD/USD is holding near the lows for the day after the aussie is dragged down by RBA governor Lowe’s comments earlier
That said, the pair is trading in only a 19 pips range so far so it isn’t really running away to the downside just yet. As it stands, price is now challenging a test of the trendline support @ 0.6965 as shown above.
That will be the key level to watch out for in trading today. For sellers, a firm break below that will allow for some added conviction to chase a move towards the July lows around 0.6911-21 next before bids are seen around the 0.6900 handle.
Of note, the pair is headed for its fifth consecutive daily decline if things continue this way today and that points to further exhaustion among buyers after the recent run higher in an attempt to test the 200-day MA (blue line).
Nothing has really changed from yesterday as buyers still need to get above the 0.7000 handle again to even consider a change in near-term bias back to favour the upside. Otherwise, sellers are still in control and will be poised to drive price lower in the coming sessions.