AUD/USD Technical Analysis: bearish pressure unlikely to recede in the near future

   •  Increasing prospects for a full-blown US-China trade war prompt aggressive selling around the China-proxy Australian Dollar and dragged the pair sharply lower. 

   •  The steep decline over the past two weeks or so reaffirmed a long-term ascending trend-line breakdown and a bearish double-top chart pattern formation on weekly charts.

   •  Short-term technical indicators are gradually drifting into oversold territory and hence, warrant some consolidation before the pair's continues with its depreciating slide. 

AUD/USD weekly chart

Current Price: 0.7363
Daily High: 0.7427
Trend: Bearish with possibilities of some near-term consolidation

Resistance
R1: 0.7393 (horizontal level)
R2: 0.7412 (previous swing low set on May 9)
R3: 0.7448 (R1 daily pivot-point)

Support
S1: 0.7333-29 (May 2017 swing low)
S2: 0.7300 (round figure mark)
S3: 0.7273 (early Jan. 2017 low)