AUD/USD Technical Analysis: Defends 0.70 in Asia, symmetrical triangle breakdown confirmed

AUD/USD is currently reporting marginal gains at 0.7020, having printed levels near the key support at 0.7003 (March 8 low) earlier today.
The pair, however, looks set for a drop below 0.70 if we take into account the symmetrical triangle breakdown – a bearish continuation pattern – seen in the daily line chart.
Notably, the bearish technical setup is backed by the narrowing of the spread between the two-year Australian and US government bond yields to the lowest since September 1997.
Hence, corrective bounce, if any, could be short-lived.

Omkar Godbole FXStreet Contributor

Daily line chart

Trend: Bearish

AUD/USD

Overview
Today last price	0.702
Today Daily Change	0.0005
Today Daily Change %	0.07
Today daily open	0.7015

Trends
Daily SMA20	0.7124
Daily SMA50	0.7111
Daily SMA100	0.7127
Daily SMA200	0.7183

Levels
Previous Daily High	0.7104
Previous Daily Low	0.7003
Previous Weekly High	0.7206
Previous Weekly Low	0.7136
Previous Monthly High	0.7168
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.7042
Daily Fibonacci 61.8%	0.7066
Daily Pivot Point S1	0.6978
Daily Pivot Point S2	0.6941
Daily Pivot Point S3	0.6878
Daily Pivot Point R1	0.7078
Daily Pivot Point R2	0.7141
Daily Pivot Point R3	0.7178

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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