• AUD/USD bears are eyeing a trest of key trendline support. 
• Bulls have started to throw in the towel.

AUDUSD remains offered following Friday's sell-off and in what could be the start of a significant correction. The bulls have been capped below 0.6900 and the bears are trying to take on dynamic trendline support and the prior highs of June 14 in what has been a 38.2% Fibonacci retracement of the 4-hour bullish impulse as the following charts illustrate:

AUD/USD daily chart

The pair are meeting resistance and bears eye support structures. 

AUD/USD H4 chart

Bears are approaching support and will need to overcome the trendline support as shown on the 4-hour chart.