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AUD/USD weaker, breaks below 0.70

FXStreet (Edinburgh) - The offered tone around the Aussie dollar is now picking up pace, dragging AUD/USD to test sub-0.7000 levels.

AUD/USD down from 0.7040

The pair continues to fade the spike to overnight peaks in the 0.7040 area, re-testing the area around 0.6990 in response to a firmer tone surrounding the US dollar.

Despite the current leg lower, spot seems to be looking to consolidate the drop from September’s tops near 0.7290, although the recent dovish tone by Yellen, uncertainties around the Chinese economy and the persistent weakness in the commodities space leave AUD without much room to manoeuvre.

AUD/USD levels to consider

At the moment the pair is down 0.44% at 0.6994 and a breakdown of 0.6938 (low Sep.24) would open the door to 0.6914 (low Sep.7) and finally 0.6908 (low Sep.4). On the other hand, the initial resistance comes at 0.7045 (high Sep.25) followed by 0.7158 (high Sep.22) and then 0.7182 (high Sep.21).

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