AUD/USD technical analysis: Aussie drops to 0.6955 support on USD strength

• AUD/USD is turning bearish as the USD gains momentum.
• The level to beat for bears is the 0.6955 support. 

AUD/USD daily chart

The Aussie is trading in a bear trend below the 100 and 200-day simple moving averages (DSMAs). The US Dollar strengthened across the board on the back of better-than-expected Nonfarm Payrolls readings in June.

 
AUD/USD 4-hour chart

AUD/USDbeached 0.7005 support and is now testing 0.6955 support. Sellers want to break this level to the downside to reach 0.6928 according to the Technical Confluences Indicator. However, the Aussie might need to consolidate losses before breaking below 0.6955. 

AUD/USD 30-minute chart

AUD/USD is trading below 0.6990 resistance and the main SMAs. The bias is to the downside. However, the Aussie might need to consolidate losses before breaking below 0.6955. Resistance is seen at 0.6990 and 0.7005

Additional key levels