AUD/USD: Downside opening up towards 0.7050 amid notable USD demand

• NAB mortgage rate hike, USD demand amid global growth concerns knock-off the Aussie.
• Technical set up points to further downside bias, a test of 0.7050 inevitable.

The minor recovery attempts in the AUD/USD pair remains capped by the 0.7100 barrier, leaving the rates to meander near three-week lows of 0.7081 amid notable US dollar demand across the board.

Looming global growth and trade worries continued to weigh down on the overall market sentiment, in turn boosting the demand for the safe-haven US dollar at the expense of the higher-yielding Australian dollar. The USD index rallied to fresh three-week tops of 96.66 before retreating slightly to 96.57, where it now wavers.

Moreover, the Aussie remains undermined by the home loan rate hike by the National Australia Bank (NAB) early-Thursday that underscored the slowdown in the Australian housing market and called for the RBA rate cuts in the coming months.  

The pair will continue to remain at the mercy of the broader market sentiment and the USD dynamics amid a lack of significant fundamental drivers slated for release later on Friday.

AUD/USD Technical Levels