AUD/USD Technical Analysis: Aussie under pressure near 0.7050 support as bears are looking at the 2018 lows

• AUD/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart.
• AUD/USD bears are rejecting the 0.7100 figure along with the 50 and 100-period simple moving average. The path of least resistance is to the downside suggesting that a break of the 0.7050 support might lead to a retest of the 2018 low at the 0.7020 level.  
• A break above 0.7100 on a daily closing basis would invalidate the bearish bias.

AUD/USD 4-hour chart

Main trend:              Bearish

Resistance 1:          0.7085, September 11 low
Resistance 2:          0.7100 figure
Resistance 3:          0.7144 September 5 low
Resistance 4:          0.7174-0.7200 zone, 200 SMA (4H) and August 15 low
Resistance 5:          0.7300 figure

Support 1:               0.7050 figure
Support 2:               0.7041 key support/resistance
Support 3:               0.7020 current 2018 low
Support 4:               0.6830 January 15, 2016 low  

Additional key levels at a glance