AUD/USD Technical Analysis: Now seems vulnerable to break below 0.70 handle

   •  The pair held on to the disappointing Aussie GDP-led weakness and now seems to have entered a bearish consolidation phase near the lower end of its daily trading range, or two-month lows.

   •  A sustained weakness below the 0.7070-65 region, marking 38.2% Fibo. retracement level of the 0.6684-0.7296 recent up-move, was seen as a key trigger for bearish behind the pair's steep decline.

   •  The set-up favours an extension of the bearish trajectory, albeit slightly oversold conditions on hourly charts seemed to be the only factor helping limit deeper losses, at least for the time being.

   •  Nevertheless, the pair remains vulnerable to weaken further, possibly even below the key 0.70 psychological mark, towards testing its next major support near the 0.6970 region.

AUD/USD 4-hourly chart