Despite finding strong support above 1.0665 yesterday, the AUD/USD is once again testing that critical level as the pair gives up gains accumulated over the Asian session which brought it to a high of 1.0730. With risk appetite substantialy lower over Europe, the Aussie trades consolidated underneath 1.0700 and looks to break towards 1.0650.
With focus currently on the US ISM non-manufacturing report to be relesaed in the coming hours, the AUD/USD could extend further below with support listed at 1.0611 (21-Day MA), 1.0544 (61.8% of 1.0390-1.0790) and 1.0520 (Daily Low Jun 20).
In the case of a rebound, resistance is placed at 1.0747 (Daily Hgih Jul 5), 1.0776 (Upper 21-Day Bolli) and 1.0790 (Daily High Jul 1,4).
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