AUD/USD Technical Analysis: Aussie down to new 2018 lows - 0.7000 target

AUD/USD main bear trend is intact as the market is printing yet again new 2018 lows this Tuesday.
AUD/USD is trading down within a bear channel below its 50, 100 and 200-day simple moving averages with the next main target seen at 0.7000 figure. The RSI, MACD and Stochastics indicators are in full bearish mode.
However, a sustained bullish breakout above 0.7200 figure (August 15 low) would invalidate the bearish bias.

Flavio Tosti Independent Analyst

AUD/USD daily chart

Spot rate: 0.7088
Relative change: -0.39%
High: 0.7130
Low: 0.7085

Main trend: Bearish

Resistance 1: 0.7144 September 5 low
Resistance 2: 0.7200 figure August 15 low
Resistance 3: 0.7236 August 24 low
Resistance 4: 0.7255 August 13 low
Resistance 5: 0.7294 August 13 high

Support 1: 0.7100 figure
Support 2: 0.7000 figure
Support 3: 0.6830 January 15, 2016 low

Author

Flavio Tosti

Independent Analyst

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