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AUD/USD Technical Analysis: Bears now await a sustained break below 0.7100 mark/ascending trend-line support

   •  The pair edged lower for the fourth consecutive session and extended last week's rejection slide from the very important 200-day SMA and a subsequent break through a short-term ascending trend-channel.

   •  The downward momentum has now dragged the pair closer to the 0.7100 round figure mark, which coincides with a support marked by a short-term ascending trend-line extending from early March swing lows.

   •  Meanwhile, technical indicators on the daily chart have just started gaining negative momentum but are already pointing to slightly oversold conditions on hourly charts and thus, warrant some near-term consolidation.

   •  However, sustained weakness below the mentioned trend-line support would mark a bearish breakdown and pave the way for an extension of the ongoing slide towards the 0.7070-65 horizontal support area. 

AUD/USD daily chart


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