AUD/USD Technical Analysis: Intraday bearish slide finds support near 200-hour SMA

   •  The pair finally broke down of this week's consolidative trading range and fell to a one-week low, closer to mid-0.7100s during the European trading session on Wednesday.

   •  A sustained weakness below the 0.7180 strong support was seen as a key trigger for bearish traders, though the selling pressure now seems to have abated near 200-hour SMA. 

   •  Technical indicators on hourly charts have been gaining negative momentum and point to an extension of the recent corrective slide from near 1-month tops set last Friday.

AUD/USD 1-hourly chart

   •  However, oscillators on the daily chart have managed to hold in the bullish territory, though have struggled to gain traction, and might help limit any meaningful downside.

   •  Hence, it would be prudent to wait for a strong follow-through selling before confirming that the pair might have topped out in the near-term and positioning for further decline.