The AUDUSD pair holds within consolidation range above new low at 0.7042 (the lowest since Feb 2016) which extends into third straight day.
Bears are taking a breather ahead of psychological / option 0.70 support, with narrow consolidation expected to precede final attack at 0.70 target.
Strong bearish momentum on daily chart supports scenario, however, oversold slow stochastic for now delays bears.
Break below 0.70 support would open way towards 0.6906 (24 Sep 2015 low and unmask key med-term support at 0.6825 (15 Jan 2015 low).
Meanwhile, the pair may remain within range, awaiting release of US CPI data on Thursday, which could be a catalyst.
Stronger than expected inflation numbers would inflate the greenback and increase pressure on the Aussie.
Conversely, downbeat CPI figures would lift Australian dollar and sideline immediate downside risk.
Res: 0.7085, 0.7093, 0.7106, 0.7146
Sup: 0.7041, 0.7000, 0.6972, 0.6906
