The AUD/USD pair remains under renewed selling pressure, declining toward the 0.6970 support area during the Asian session after failing to achieve a sustained breakout above the 0.7000 psychological level. The rejection from higher levels confirms that short-term bullish momentum has weakened, with sellers regaining control after the pair repeatedly failed to clear the 38.2% Fibonacci retracement level at 0.7024.
The recent recovery from the 200-day Simple Moving Average (SMA) has lost momentum, indicating that buyers are struggling to extend the rebound. Although the pair continues to trade above key long-term technical support, the inability to establish acceptance above 0.7024 suggests that underlying selling pressure persists.
The Australian Dollar has also received limited support from domestic developments, as markets largely ignored comments from the Reserve Bank of Australia (RBA) and shifted focus toward the upcoming Federal Reserve policy decision. The lack of strong fundamental catalysts has left AUD/USD price action vulnerable to broader movements in the US Dollar index (DXY) and global risk sentiment.