AUD/USD technical analysis: Remains vulnerable near 2-week lows, around mid-0.6800s

• The pair already seems to have found bearish acceptance below 23.6% Fibo. level.
• The technical set-up supports prospects for a further near-term depreciating move.

The AUD/USD pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the mid-European session, consolidating the recent losses to near two-week lows.
 
Given that the pair already seems to have found acceptance below 23.6% Fibonacci level of the 0.6671-0.6930 recent bounce, the near-term set-up seems tilted in favour of bearish traders.
 
This coupled with the fact that the pair remains well below its important intraday moving averages – 50, 100 & 200-hour SMAs – support prospects for a further near-term depreciating move.
 
Meanwhile, oscillators on hourly charts have been drifting lower in the bearish territory and losing positive momentum on the daily chart, which further adds credence to the negative outlook.
 
Sustained weakness below mid-0.6800s will reinforce the bearish bias and turn the pair vulnerable to accelerate the fall further towards 38.2% Fibo. level support near the 0.6830 region.
 
The downward momentum could further get extended towards the 50% Fibo. level, around the 0.6800 handle, which if broken might been as a fresh trigger for short-term bearish traders.
 
On the flip side, attempted recovery moves might now confront some fresh supply near the 0.6875-80 region (23.6% Fibo. level), above which the pair is likely to surpass the 0.6900 handle.
 
Any subsequent move up might continue to face stiff resistance near the 0.6930 supply zone, which if cleared decisively will set the stage for a further near-term appreciating move.

AUD/USD 1-hourly chart