AUD/USD Technical Analysis: Aussie down to new 2018 lows – 0.7000 target

• AUD/USD main bear trend is intact as the market is printing yet again new 2018 lows this Tuesday.
• AUD/USD is trading down within a bear channel below its 50, 100 and 200-day simple moving averages with the next main target seen at 0.7000 figure. The RSI, MACD and Stochastics indicators are in full bearish mode.  
• However, a sustained bullish breakout above 0.7200 figure (August 15 low) would invalidate the bearish bias.  

AUD/USD daily chart

Spot rate:                 0.7088
Relative change:      -0.39%      
High:                        0.7130
Low:                         0.7085

Main trend:              Bearish

Resistance 1:          0.7144 September 5 low
Resistance 2:          0.7200 figure August 15 low
Resistance 3:          0.7236 August 24 low
Resistance 4:          0.7255 August 13 low
Resistance 5:          0.7294 August 13 high

Support 1:               0.7100 figure
Support 2:               0.7000 figure
Support 3:               0.6830 January 15, 2016 low