“¢ The pair extended overnight retracement slide from three-week tops and remained under some selling pressure for the second consecutive session on Friday.
“¢ However, bulls now seemed to show some resilience below 200-hour SMA, albeit negative technical indicators on hourly/daily charts point to further downside.
“¢ A sustained weakness below the mentioned support will reaffirm the bearish set-up and accelerate the slide to 0.7060 intermediate support en-route the 0.70 handle.
“¢ Alternatively, a convincing move beyond the 0.7115-20 region might negate the negative outlook and lift the pair back towards testing the 0.7165-70 supply zone.
AUD/USD 1-hourly chart
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