“¢ The pair held on to its weaker tone through the mid-European session and was seen oscillating near the lower end of its daily trading range, around the 0.7100 round figure mark.
“¢ Given that oscillators on hourly charts have been gaining negative traction, the fact that the pair has found acceptance points to an extension of the intraday bearish trajectory.
“¢ Hence, a slide back towards challenging a short-term trend-line support held over the past two weeks or so, currently near the 0.7080 region, now looks a distinct possibility.
“¢ A convincing break through the mentioned support might negate any near-term positive bias and pave the way for further weakness towards the key 0.70 psychological mark.
AUD/USD 1-hourly chart
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