AUD/USD Technical Analysis: US-China trade optimism helped defend 0.70 mark, only for the time being

   •  The pair stalled its post-FOMC sharp intraday slide and once again managed to find some support near the key 0.70 psychological mark amid positive news flow on the US-China trade negotiations.

   •  However, given the overnight bearish break through a two-day-old consolidative trading range, technical indicators on hourly/daily charts point to an extension of the recent bearish trajectory.

   •  This coupled with the fact that the pair remains well below its important intraday moving averages – 50, 100 & 200-hour SMA, reinforce the bearish outlook and a possible slide below the 0.70 handle.

AUD/USD 1-hourly chart