AUD/USD Technical Analysis: Aussie drifting down to 0.7000 and erasing RBA-gains

AUD/USD daily chart

• AUD/USD is trading in a bear trend below its mains simple moving averages (SMAs). 
• AUD got a boost overnight as the RBA (Reserve Bank of Australia) left its policy rate unchanged at 1.5%.

AUD/USD 4-hour chart

• AUD/USD is retracing the RBA-inspired spike as the market found resistance near 0.7050 level.

AUD/USD 30-minute chart

• The market is testing the 0.7000 figure near the cluster of SMAs.
• The picture in the short-term is balanced however the weakness can continue below 0.7030/50 resistance.
• Initial levels of support to the downside can be seen at 0.6990 and 0.6960 level.

Additional key levels