The Australian dollar fell on Friday and erased gains of past two-day recovery attempts, posting new marginally lower low at 0.7137.
Overall structure remains bearish and weighed by turmoil in emerging markets and uncertain outlook for China, due to persisting fears of escalation of trade conflict between two world largest economies.
Bears look for weekly close below key 0.7160 support zone to signal continuation of larger downtrend towards psychological 0.70 support and 0.6906 (06 Sep 2015 low) in extension.
Initial resistance lays at 0.7200 zone (former low of 15 Aug) which capped the action in past two days, with falling 10SMA (0.7238) expected to cap upticks.
US jobs data are expected to provide further signals.
Res: 0.7200, 0.7238, 0.7265, 0.7306
Sup: 0.7137, 0.7100, 0.7000, 0.6906
