Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggested a break below 0.6957 could open the door to a visit of 0.6941.

“Last week AUD/USD failed at its current July high at .7048 and dropped back to the current July low at .6957. For now it underpins but failure there on a daily chart closing basis would put the late May high at .6941 back on the cards. Below it lies the late May low at .6899. Short-term downside pressure should be maintained while the June and current July highs at .7022/48 cap. Above it sits the late April peak at .7069. Above it resistance can be spotted at the .7207 February high”.