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AUD/USD Remains Bearish Under 0.7040

Since a September high near 0.7280, the AUD/USD has been sliding again, tagging 0.6940 last week before consolidating. 

AUD/USD 1H Chart 9/28
(click to enlarge)

The 1H chart shows resistance at the 0.7040 area, which is keeping AUD/USD in the bearish mode. If price can push below 0.70, we could be looking at a bearish continuation, or at least a test of the lows around 0.6950. Below that, there is downside risk towards the 0.6907 low on the year and the 0.69 psychological level. If price indeed does push towards 0.69, be prepared for further downside, in-line with the prevailing downtrend from at least this summer, and really going back to 2011 as we an see in the weekly chart.

AUD/USD Weekly Chart 9/28


(click to enlarge)