AUD/USD opened +0.24% at 0.6971 and came under pressure early from ToKyo AUD/JPY selling

Around mid-morning the mood turned negative in Asia led by sliding oil price nL4N2Y83GA

Other commodities started to fall with Dalian iron ore falling over 4.0%

Asian equities got hit as well with the AXJ index falling 1.3%

AUD/USD kept moving lower and traded down to 0.6916 before settling

Heading into the afternoon it is trading around 0.6925

Bids are tipped around 0.6900 with support at the June 15 low at 0.6850

Resistance is at the 10-day MA at 0.6978 and a break would ease the pressure

Fed Chair Powell testimony later today will likely dictate direction

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