AUD/USD is at a session low of 0.7096 currently

AUD/USD D1 07-02

There's just no relief for the aussie as it continues to be pressured with AUD/USD now taking a peek just under the 0.7100 handle. The RBA's perceived shift to a more neutral stance dragged the currency lower yesterday and AUD/USD broke below the 100-day MA (red line), indicating that sellers are back in control.

And now, they are aiming towards a break of the 0.7100 handle with further support seen at the 25 January low @ 0.7076. There's also some minor support from the 50.0 retracement level at around 0.7067 for an added line of defense to the downside for the time being.

Near-term sentiment remains bearish for the pair as traders continue to wait on developments from US-China trade talks. The more that is being left in limbo, the more it works out in favour of the dollar and less so for the aussie - which relies on there being positive news from those developments.

Should the pair come under further pressure in the coming days, watch out for the October lows around 0.7020-40 and then the 0.7000 psychological handle. Those will be key levels in keeping the pair afloat moving forward and I reckon it will be an area that sellers will look to take some money off until more clarity is seen on trade talks.