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​Technical Analysis: AUDUSD drops to monthly support line amid latest consolidation

Despite stepping back from 0.6975, the monthly support line keeps the AUDUSD buyers hopeful. As a result, the optimists can expect a bounce to 0.6900 ahead of witnessing an obstacle during the further upside at 0.6935, comprising a descending trend line from June 09. If at all the bulls manage to cross 0.6935, 0.7000 and the monthly top near 0.7065 could flash on their radars. It's worth mentioning that the global markets are witnessing consolidation of the recent risk-off moves, which in turn favors the risk barometer Aussie pair.

Should the bears sneak in around 0.6830, including an upward sloping trend line from May 22, the weekly bottom surrounding 0.6775 will return to the charts. It's worth mentioning that RSI conditions may restrict the pair's additional weakness past-0.6775, if not then May 27 high of 0.6680 can be the sellers' favorite.

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