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​Technical Analysis: AUDUSD rests on two-week-old support line amid fresh risk-off

Although upbeat prints of China's June month PMIs initially helped the quote to bounce off an ascending trend line from June 15, the recent market fears due to the Hong Kong security law again attacks short-term key support line. However, sellers will wait for a clear break below 0.6850 before aiming for a 0.6775/70 support area that comprises June 15 low and 200-candle SMA. During the quote's additional weakness past-0.6770, 61.8% Fibonacci retracement level around 0.6720/15 and May 27 top close to 0.6680 could lure the bears.

Meanwhile, the pair's another pullback might confront 0.6900 and 0.6975 ahead of recalling 0.7000 threshold on the chart. Should there be a clear rise past-0.7000, 0.7020 sand the monthly top near 0.7065 could act as buffers prior to highlighting 0.7100 on the bulls' radars. It's worth mentioning that the quarter-end consolidation in positions might restrict the pair's moves.

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