AUD/USD technical analysis: Aussie again finds bids below 0.67

• AUD/USD finds bids below 0.67 for the second time this month.
• A corrective bounce to the 10-day MA could be seen during the day ahead.

AUD/USD is currently trading at 0.6730, having hit a low of 0.6689 earlier today.

This is the second time that the pair has quickly recovered from sub-0.67 level. The pair had dropped to a low of 0.6677 on Aug. 7 only to end that day largely unchanged on the day at 0.6756.

The long tails attached to Aug. 7's and today's candle indicate seller exhaustion, so, rise to the 10-day moving average (MA) of 0.6765 could be seen during the day ahead, especially if the futures on the S&P 500 continue to recover losses. The futures are currently trading at 2,833, having hit a low of 2,811.5 in the early Asian session.

The outlook would turn bullish only if and when the spot invalidates the bearish lower highs pattern with a move above the Aug. 8 high of 0.6822.

On the downside, a close below 0.67 would bolster the bearish case.

Daily chart

Trend: Seller exhaustion

Pivot points