AUD/USD rallied to 0.6970 overnight, sellers emerged and the US$ went bid

Overnight gains erased & pair fell back below the 76.4% fib of 0.6829-0.7282

Slide extended in Europe & NY, pair hit a fresh 1-month low in NY afternoon

Daily, monthly RSIs falling, not oversold; implies downside momentum remains

Fed risk looms, the probability of a 75bps hike is increasing FEDWATCH

Bigger than expected hike likely to rally US rates, US$, send AUD/USD down

May monthly low should then get tested, if breaks stops likely get triggered

50% Fib 0.5510-0.8007 rally, 0.6645/85 support zone then become targets

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