• AUD/USD meets with some supply at higher levels and trims a part of its intraday gains.
• A goodish USD rebound from the weekly low exerts downward pressure on the major.
• Any subsequent slide is likely to find decent support near the 0.6935-0.6925 confluence.

The AUD/USD pair attracts some selling in the vicinity of the 0.7000 psychological mark and trims a part of its early gains to over a one-week high touched earlier this Thursday.

The US dollar rebounds swiftly from the weekly low following the release of better-than-expected US macro data, which reaffirms hawkish Fed expectations. Apart from this, an intraday turnaround in the equity markets further benefits the greenback's safe-haven status and acts as a headwind for the risk-sensitive aussie.

From a technical perspective, the AUD/USD pair struggles to find acceptance above the 100-period SMA on the 4-hour chart. The intraday positive move stalls near the 50% Fibonacci retracement level of the recent decline witnessed over the past two weeks or so. The latter should now act as a pivotal point for short-term traders.

Meanwhile, neutral oscillators on the daily chart warrant caution before placing aggressive directional bets. This, in turn, suggests any subsequent pullback is more likely to find decent support near the 0.6935-0.6925 confluence support. The said region comprises the 200-period SMA on the 4-hour chart and the 23.6% Fibo. level.

Sustained weakness below the latter will suggest that this week's recovery move has run out of steam and make the AUD/USD pair vulnerable. Spot prices could then break through the 0.6900 mark and test the 0.6860-0.6855 horizontal support. Some follow-through selling will be seen as a fresh trigger for bearish traders.

On the flip side, the 50% Fibo. level, just ahead of the 0.7000 mark, now seems to act as an immediate strong resistance, above which the AUD/USD pair could climb to the 0.7030 area (61.8% Fibo. level). The momentum could further get extended and allow spot prices to aim to reclaim the 0.7100 round-figure mark.

AUD/USD 4-hour chart

Key levels to watch