AUD/USD technical analysis: Aussie declining to daily lows near 0.7014 ahead of Fed’s Powell speech

• AUD/USD is losing steam below the 0.7060 resistance.
• The level to beat for bears is 0.7014 followed by 0.6980 and 0.6950.

AUD/USD daily chart

The Aussie is in a bear trend below its 200-day simple moving averages (DSMAs). It is currently challenging Monday’s lows and the 100 SMA. Fed’s Chair Powell will be delivering a speech at 17:00 GMT. The event can lead to high volatilty in USD-related currency pairs.

AUD/USD 4-hour chart

 
AUD/USD found resistance below 0.7060 and the previous peak made in early July. On a break below 0.7014, bears can overtake the market and drive its towards 0.6980 and 0.6950, according to the Technical Confluences Indicator.

AUD/USD 30-minute chart

 
AUD/USD is trading below the 50 and 100 SMAs suggesting a consolidation down in the near term. Resistances are seen near 0.7035 and 0.7060 , according to the Technical Confluences Indicator.

Additional key levels