The AUD/USD pair filled the weekly bearish gap opening, albeit struggled to capitalize on the move and was last seen hovering near the 0.7725-20 region, down around 0.20% for the day. Turkish President Tayyip Erdogan's move over the weekend to replace the hawkish central bank governor with a critic of high-interest rates stunned investors. This was evident from a cautious mood around the equity markets, which drove some haven flows towards the US dollar and capped gains for the perceived riskier aussie.
From a technical perspective, the AUD/USD pair once again managed to attract some dip-buying near the 0.7700 mark. The mentioned level has been acting as strong horizontal support over the past week or so. This, in turn, should now act as a key pivotal point for traders and help determine the near-term trajectory.