AUD/USD fell to 0.7035 soon before press time – the lowest level since Jan . 4 – and may extend the decline further toward 0.7021, as indicated by the bear flag breakdown, confirmed earlier today on the 15-minute chart.
Validating that bearish view is the 6 basis point drop in the spread between the Aussie and US 10-year government bond yields. As of writing, that spread is seen at -60 basis points.
15-minute chart
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Trend: Bearish
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