AUD/USD technical analysis: Flirting with descending triangle support, NFP eyed for bearish confirmation

   •  The AUD/USD pair traded with a mild negative bias through the mid-European session on Friday and is currently placed near the 0.6965-60 horizontal support.

   •  The mentioned support nears 38.2% Fibo. level of the 0.6899-0.7008 recent up-move and also seemed to constitute towards the formation of a descending triangle.

The pair has now found acceptance below 100-hour SMA, which coupled with the fact that oscillators on hourly charts have been gaining negative traction support prospects for an eventual bearish breakdown.

Traders, however, seemed reluctant to place any aggressive bearish bets rather preferred to wait for a fresh catalyst from Friday's important release of the closely watched US monthly jobs report - popularly known as NFP. 

Hence, it would be prudent to wait for a convincing break through the mentioned support before traders start positioning for a further near-term depreciating move towards the 0.6940-35 region (61.8% Fibo. level).

AUD/USD 1-hourly chart