• On the hourly chart, 0.6950 is a key level that if broken, could seal a bullish thesis for the days ahead.
• Bears eye a move to test key structure around 0.6920/00.

AUD/USD bears were unconvincing on Friday and we have seen little in the way of a commitment so far in the open on Monday, albeit in very early days in an illiquid open.

With that being said, we are down low in the 100 pip box between 0.6900 and 0.7000 and we may continue to work the lows for some time until the bulls make their major move, if at all.