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   “¢   The pair failed to capitalize on the attempted intraday recovery from two-month lows and continued with its struggle to make it through 50-hour SMA amid a goodish pickup in the USD demand.

   “¢   Given the pair’s recent bearish break through the 0.7070-65 horizontal support, bearish oscillators on 4-hourly/daily charts clearly suggest that the near-term bearish pressure might still be far from over.

   “¢   Hence, any further up-move beyond the mentioned barrier, supported by mildly positive technical indicators on the 1-hourly chart, runs the risk of meeting with some fresh supply at higher levels.

   “¢   The pair remains vulnerable to extend its recent bearish trajectory and aim towards challenging the key 0.70 psychological mark before eventually dropping to the 0.6980-75 horizontal support area.

AUD/USD 1-hourly chart

AUD/USD

Overview:
       Today Last Price:  0.7039
       Today Daily change:  10  pips
       Today Daily change %:  0.14%
       Today Daily Open:  0.7029
Trends:
       Daily SMA20:  0.7112
       Daily SMA50:  0.7134
       Daily SMA100:  0.7162
       Daily SMA200:  0.7245
Levels:
       Previous Daily High:  0.7092
       Previous Daily Low:  0.702
       Previous Weekly High:  0.7199
       Previous Weekly Low:  0.7069
       Previous Monthly High:  0.7285
       Previous Monthly Low:  0.7053
       Daily Fibonacci 38.2%:  0.7048
       Daily Fibonacci 61.8%:  0.7065
       Daily Pivot Point S1:  0.7002
       Daily Pivot Point S2:  0.6975
       Daily Pivot Point S3:  0.693
       Daily Pivot Point R1:  0.7074
       Daily Pivot Point R2:  0.7119
       Daily Pivot Point R3:  0.7146