“¢ The pair extended its post-RBA sharp intraday rejection slide from a one-week-old descending trend-line resistance and has now dropped back closer to the 0.7070-65 strong horizontal support.
“¢ Sustained weakness below 200-hour SMA, leading to a subsequent break below the 0.7100 handle was seen as a key trigger for intraday bearish traders and prompted some aggressive selling.
“¢ Technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and warrant some caution before positioning for any further near-term depreciating move.
“¢ Meanwhile, oscillators on 4-hourly/daily charts have just started gaining negative traction and are still far from being in the oversold territory, suggesting an extension of the bearish trend.
“¢ A convincing break through the mentioned horizontal support will reinforce the negative outlook and turn the pair vulnerable to slide further towards testing the key 0.70 psychological mark.
AUD/USD 1-hourly chart
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