The Australian dollar declined over 5.65% in the past month and is now trading near the major psychological support level at the 0.7000 mark against the US dollar. A relentless rally in the U.S. dollar and U.S. Treasury yields Is expected to drag the AUD/USD to a new multi-month low in the next few trading sessions. The Australian dollar is heavily influenced by a temporary setback in commodity markets. From the technical perspective, AUD/USD has formed a bearish trendline below the key average price on the daily chart. The near-term momentum has turned negative after the fast stochastic indicator generated a crossover sell signal.