• AUD/USD is starting the new year by pulling back down below the 0.7000 handle.
  • The level to beat for sellers is the 0.6929 support.

AUD/USD daily chart

AUD/USD is retracing down for the fourth consecutive day while below the 0.7000 handle and above the main simple moving averages (SMAs).

AUD/USD four-hour chart

The market is retracing down below the 50 and 100 SMAs as the spot is trapped in the 0.6960-0.6929 range as expected. Sellers would be looking for a break below the 0.6929 level and set their eyes on 0.6893 in the medium term. However, if bulls get a daily close above the 0.6970/0.6959 price zone, then the 0.7000 handle can be back on the radar, according to the Technical Confluences Indicator.

Additional key levels