AUD/USD trades lower around 0.7035, maintaining a bearish short-term outlook as the pair continues to struggle below the 20-day Exponential Moving Average (EMA) at 0.7103 and the 50% Fibonacci retracement level at 0.7054.

Following its retreat from the mid-0.72 region, sellers remain in control, although downside momentum appears moderate rather than aggressive.

Key Levels to Watch
📍 Current Price: 0.7035
🔻 Immediate Support: 0.7002 (61.8% Fibonacci retracement)
⚠️ Next Support: 0.6929 (78.6% Fibonacci retracement)
🛡️ Major Support: 0.6834 (100% retracement)
🔼 Immediate Resistance: 0.7054 (50% Fibonacci retracement)
📈 Key Resistance Zone: 0.7103–0.7106
🚀 Higher Targets: 0.7171 and 0.7274

Technical Outlook
The 14-day Relative Strength Index (RSI) near 39 suggests bearish momentum remains intact but has yet to reach oversold conditions. This indicates that sellers still have room to push prices lower before exhaustion becomes a concern.
A decisive break below the 0.7002 support level could expose the pair to further declines toward 0.6929, with a deeper sell-off potentially targeting the 0.6834 swing low.

On the upside, buyers would first need to reclaim 0.7054, followed by the crucial 0.7103–0.7106 resistance cluster, to weaken the current bearish structure. Only a sustained move above these levels would improve the outlook and shift focus toward 0.7171 and the recent cycle high near 0.7274.

Outlook
AUD/USD remains under pressure while trading beneath both its short-term EMA and major Fibonacci resistance levels. Unless bulls regain control above the 0.7100 region, the path of least resistance continues to favor the downside.