AUD/USD continues to trade near 0.6900, struggling to build meaningful upside momentum as traders await the highly anticipated US Nonfarm Payrolls (NFP) report. The pair remains close to a three-month low, with the broader technical outlook favoring further downside while key support around 0.6850 comes under pressure.

📉 Technical Analysis
AUD/USD remains in a bearish consolidation following its sharp pullback from recent multi-year highs.
Although price is still holding above the 200-day Simple Moving Average (SMA), this level aligns with the 50% Fibonacci retracement, making it a critical support zone for the current trend.
Momentum indicators continue to favor sellers:
RSI (14): Around 31, indicating oversold conditions but still reflecting persistent bearish pressure.
MACD: Remains below the zero line, confirming that bearish momentum is still intact.
Unless buyers reclaim higher resistance levels, rallies are likely to remain corrective.

🟢 Key Support Levels
0.6853 – Major support (200-day SMA & 50% Fibonacci confluence)
0.6751 – Next support level
0.6606 – Strong long-term support
A decisive break below 0.6853 would strengthen the bearish outlook and could accelerate losses toward 0.6751.

🔴 Key Resistance Levels
0.6955 – Initial resistance
0.7081 – Major resistance
A sustained move above 0.6955 would improve short-term sentiment, while a break above 0.7081 would signal a stronger bullish recovery.

📊 Market Outlook
The upcoming US Nonfarm Payrolls (NFP) report is expected to be the primary catalyst for AUD/USD.
A stronger-than-expected US jobs report could boost the US Dollar and increase downside pressure on the pair. Conversely, weaker employment data may provide temporary relief for the Australian Dollar.

🎯 Trading Bias
Short-Term: Bearish 📉
Medium-Term: Bearish 📉
Key Resistance: 0.6955 – 0.7081 🔴
Key Support: 0.6853 – 0.6751 🟢

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