AUD/USD remained under pressure, extending its decline to a low of 0.7006 after a sharp drop earlier in the week. Positive divergence was flagged as a sign that downward momentum may be easing, although the move has yet to form a clear base. In the near term, price action was framed as likely to drift slightly lower, with intraday trading expected to hold within 0.6995 to 0.7035.
Short-Term Outlook and Recent Price Action
Over a one- to three-week horizon, the short-term bearish view was kept in place following a negative shift two weeks ago. The prior reference point was 22 Sep, when spot was 0.7120, and subsequent losses took the pair through 0.7050 to the 0.7006 trough. Further downside room was described as extending to a test of 0.6970 before stabilisation, while a break above 0.7075 was set out as the threshold that would suggest the weakness is settling.
