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AUD/USD breaks below 0.7100

FXStreet (Córdoba) - The Australian dollar has continued to edge lower versus the greenback weighed by the risk-off mood amid persistent worries over the global growth outlook.

came under renewed pressure on Tuesday and broke below the 0.71 mark to struck its lowest level in over a week at 0.7073. At time of writing, the pair continues to trade near lows at 0.7085, recording a 0.66% loss on the day.

AUD/USD technical view

According to Valeria Bednarik, chief analyst at FXStreet, the latest AUD/USD decline suggests the upward movement toward 0.7279 was barely corrective and that the pair is ready to resume its longer term decline. Short term technical readings support a steady decline down to the 0.7000 price zone, Bednarik added.

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