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AUD/USD is trading in the red after its failure to stay higher. Technically, it should drop deeper after the most recent rebound. The USD has taken full control as the USDX seems determined to develop a broader upside movement.
The pair should drop significantly if the USDX prints an up reversal. Better than expected US data today could boost the greenback and it could confirm a sharp drop on AUD/USD. The US Advance GDP, Unemployment Claims, Pending Home Sales, and the ECB could shake the markets later.
AUD/USD failed to retest the down channel's resistance signaling strong bears in the short-term. It has also failed to stabilize within the ascending pitchfork's body suggesting selling again.
Now, is traded below the S1 (0.7050) level and is targeting 0.7016 former low. A valid breakdown under this static support will validate further drops. Technically, the outlook will remain bearish as long AUD/USD is located within the descending channel's body.
You can sell a valid breakdown through the 0.7016 level, the S2 (0.6966), and the S3 (0.6912) could be used as targets. The first warning line (WL1) could attract the price as well.
Actually, the short-term major downside target remains at the channel's downside line. Dropping and stabilizing under 0.7016 activates the bearish scenario.
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