AUD/USD: almost free fall

Key levels:
Resistance - 0.7110, 0.7050, 0.7000
Support - 0.7148, 0.7166, 0.7190

As the AUD/USD currency pair continued to trade in a narrow range between the 0.7110 support level and the 0.7148 / 0.7156 zone, it broke through the upper trend line of the descending channel model. However, this did not lead to a jump, since the 0.7148/0.7156 zone provided the pair with sufficient resistance to start a decline. By the beginning of the European trading session on Tuesday, the pair reached a support level below 0.7110. 

The continuation of the decline in AUD/USD is likely to lead to the fact that the rate will reach the combined support at 0.7058 and 0.7050. Below these levels, support can be found at 0.7000. 

However, if the pair recovers from the 0.7100 and 0.7110 levels, AUD/USD may test the resistance of the 0.7148/0.7156 zone again. Above the zone, pay attention to the weekly simple reversal point of 0.7166.