• 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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