- AUD/USD is starting the new year by a steep decline below the December 2019 highs.
- The level to beat for bears is the 0.6840 support.
AUD/USD daily chart
AUD/USD is retracing down sharply from the January highs trading now below the 0.6900 handle and 200-day simple moving averages (SMA).
AUD/USD four-hour chart
The spot is under selling pressure below the 0.6890 level and the 200 SMA on the four-hour chart. The market is now consolidating the recent losses. Sellers want to break below 0.6840 to reach the 0.6800 handle. However, as the consolidation goes on, if bulls retake the 0.6890 level, it can lead to a correction up potentially reaching the 0.6920 and 0.6935 level, according to the Technical Confluences Indicator.
Additional key levels