AUD/USD falls back below the key hourly moving averages in trading today
However, we've seen this story before since last week. Price has largely been bouncing around between support at 0.6740-50 and resistance around 0.6800 for the most part.
Sellers may be in near-term control again now but more work needs to be done to justify any further momentum to the downside. As mentioned above, sellers need to get back below support around 0.6740-50 for that to happen.
The aussie is holding weaker so far with the yuan a tad softer on the day amid a softer touch in equities and Treasury yields. The PBOC fixed the yuan weaker again today, reaffirming the notion that they will allow the currency to weaken but not too quickly.
But as seen above, the near-term picture in AUD/USD remains unchanged despite the pair slipping to session lows of 0.6761 currently. Both buyers and sellers have more work to do to gain more momentum to push price out of the ~60 pips range since last week.
