AUD/USD bears are stalling, for now, and there are eyes on 0.6935 with the 38.2% Fibonacci around 0.6950
Bears eye a break of 0.6905 to open the price imbalance below and a run to 0.6800 and 0.6750 below there.
AUD/USD bulled in breakout traders when the price broke 0.7000 and reached the 0.7060s. At this juncture, the peak formation is starting to get locked in but there needs to be a break below 0.6900 to seal the prospects of a prolonged downtrend.
The following illustrates such a scenario from a bearish bias looking at the daily and short-term timeframes.
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