The bullish fortunes of the AUDUSD have reversed in the US session.
The currency along with the NZD, were the strongest of the majors coming into the North American session, but has given up much of those gains.
The price is now back down near unchanged on the day, and looks to test the swing low from August 5 at 0.68696. Below that is the 61.8% retracement of the move up from the July 14 low. That retracement level comes in at 0.68548. A swing area between 0.6852 and 0.6858 bookends that retracement level. Key support on further weakness.
The inability to stay above the 50% retracement and the swing area at 0.69196, turned buyers into sellers. It would take a move back above that area and the falling 100 hour moving average of 0.69329 in the intermediate-term to give buyers more confidence and tilt the bias more to the upside.
