AUD/USD Technical Analysis: Slips to fresh session lows, close below 0.7049 may embolden bears

AUD/USD has found acceptance below the 50-hour moving average (MA) of 0.7073 and is currently trading at a session low of 0.7063 - trendline connecting March 8 and March 13 lows on the hourly chart. 

A close below 0.7049 would invalidate yesterday's bullish hammer candle and open the doors to re-test of recent lows near 0.70. 

A close above 0.7098 (high of yesterday's hammer candle) is needed to revive the corrective rally. 

Daily chart

Hourly chart

Trend: Bearish below 0.7049