AUD/USD Technical Analysis: Flirting with daily lows, remains vulnerable to slide further

   •  The pair struggled to capitalize on the recent positive momentum and faced rejection near the 0.7100 round figure mark in wake of sluggish Chinese industrial production data.

   •  The mentioned handle also nears 50% Fibonacci retracement level of the 0.7199-0.7002 recent downfall and should continue to act as a key hurdle capping any attempted up-moves.

   •  Meanwhile, the fact that the pair seems to have found acceptance below important intraday moving averages – 50, 100 & 200-hour SMAs, clearly points to increasing selling pressure.

   •  Bearish technical indicators on hourly/daily charts add credence to the bearish set-up, though traders might await a sustained break through 23.6% Fibonacci retracement level support.

AUD/USD 1-hourly chart