On Monday the "bears" regained the initiative and are trying to consolidate below the level of 0.6700
At the end of last week the buyers were able to push back from the lows of June 2020 and recover some of their losses, although the fundamental background is still favorable to the U.S. dollar.
Forex pair volatility has been low since the beginning of the week as investors are waiting for the outcome of the Fed meeting, which will be published on Wednesday, September 21. The regulator is likely to continue the cycle of rate hikes, but the prospects for the U.S. currency directly depend on the monetary restriction step. So far, the probability of a 75 basis point rate hike is about 70%, 100 bps is 30%.
The Fed will also release a forecast for inflation and the pace of economic growth.
The Reserve Bank of Australia's meeting minutes will be released Tuesday morning. The Australian regulator has held a 225 basis point rate hike in five months to 2.35% and intends to continue the monetary policy tightening process.
AUD/USD Technical Analysis
The Bollinger Bands on the Daily are pointing down.
MACD is developing a decline in the negative range and holds a sell signal.
Stochastic broke below the 20% level and went flat.

After the pair has consolidated below the key level of 0.6650, we return to the sales with the target at 0.6550. Stop-loss is set at 0.6700.
Upon breakout of resistance at 0.6750, we consider entering into long positions with Take Profit at 0.6853. Let's place a protective stop at 0.6700