The technical storyboard better explains the situation in AUD/USD at the moment. The pair has very little to work with to start the new week but is holding slightly lower. Taking a look at the charts, we can see that:
AUD/USD is falling now after having ran up against the 200-day moving average (blue line) a few times already since last week. The key technical level is pinning back any upside momentum for now and sellers are being more bold today. The drive lower now threatens to take out the 100-day moving average (red line) at 0.6550. That will be a key level to watch ahead of the daily close.
Buyers have lost their upside momentum earlier today, with price action falling back below the 100-hour moving average (red line). That sees the near-term bias switch to being more neutral. Additionally, traders now have a bigger technical scope to work with in between the that (at 0.6558) and the 200-hour moving average (blue line) at 0.6535 currently.
With not much in terms of headlines of risk events to work with, the technical considerations above will be key for AUD/USD price action to start the week. That especially as we also need to factor in potential month-end flows in the sessions ahead.