FXstreet.com (Barcelona) - AUD/USD is showing a weak tone on Tuesday; after having peaked twice at levels around 0.7170 twice yesterday, the Aussie has dropped to levels below 0.7000, reaching a fresh intra-week low at 0.6988.
Acccording to the E-Forex Team, the pair stands upon an important support zone at 0.6980: Important short-term support is formed into the .6950-6980 region - previous week's bottom along with the 61.8% retracement of the .6780-.7325 up leg. Daily momentum remains bearish while downside action intensifies and the pair fails to advance past the .7200 mark.
However, the E-Forex Team observes that the pair remain bearish, and the mentioned support could be broken, leading to new lows: A potential break below the said support zone of .6950-.6980 will probably favor losses toward .6805-.6850. Hourly sentiment is negative too and the Aussie will face resistance on potential rallies at .7115 and .7200.
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