AUD/USD technical analysis: Bears challenge 200-hour SMA/38.2% Fibo. confluence support

• Having failed to find acceptance above the key 0.70 psychological mark, the AUD/USD pair came under some intense selling pressure on Monday and is currently placed near the 0.6965-60 support area.
• The mentioned region comprises of 38.2% Fibo. level of the 0.6862-0.7022 recent up-move and 200-hour SMA, which should now act as a key pivotal point for the pair's next leg of a directional move.

With technical indicators on hourly/daily charts holding in the negative territory, a convincing break through the said confluence support will confirm a near-term breakdown and pave the way for the resumption of the pair’s prior well-established bearish trend. 

The slide could then get extended towards the 0.6940 intermediate support – 50% Fibo. level, before the pair aims back to challenge the 0.6900 handle before eventually dropping to test the recent multi-month swing lows, around the 0.6865-60 region. 

AUD/USD 1-hourly chart