AUD/USD Price Analysis: 0.6966 could provide some intraday resistance - Confluence Detector

• The Confluence Detector is showing that 0.6966 could be an intraday resistance. 
• Ahead of the Asian session the pair has fallen 0.35% but could retrace for a breather.

AUD/USD 30-minute chart

The chart below shows that AUD/USD has struggled in the US session but is now consolidating near 0.6958. The market has now moved under the pivotal 0.70 level once again as a bout of risk-off pressure enters the markets. There has also been an escalation if tensions between Australia and China after the Australian government said it would make it easier for Hong Kong nations to settle in the nation.

The red resistance line on the chart is the level highlighted on the confluence detector below. The pair might move back and retrace after the move lower earlier in the session. Its quite clear that the indicators are bearish for the day as the Relative Strength Index holds near the oversold area and the MACD histogram is still red. The MACD signal lines have also crossed over to the downside, which is another bearish signal.

Confluence detector

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