AUD/USD Technical Analysis: Bears likely to target 2-1/2 week old ascending trend-line support

   •  The pair held on to its weaker tone through the mid-European session and was seen oscillating near the lower end of its daily trading range, around the 0.7100 round figure mark.

   •  Given that oscillators on hourly charts have been gaining negative traction, the fact that the pair has found acceptance points to an extension of the intraday bearish trajectory. 

   •  Hence, a slide back towards challenging a short-term trend-line support held over the past two weeks or so, currently near the 0.7080 region, now looks a distinct possibility.

   •  A convincing break through the mentioned support might negate any near-term positive bias and pave the way for further weakness towards the key 0.70 psychological mark.

AUD/USD 1-hourly chart