AUD/USD prices slipped back inside a descending triangle this week after forming a double bottom chart pattern in the last week. The Australian dollar and other major risk-sensitive currencies traded with bearish sentiment during the course of the trading session on Wednesday. After facing rejection near the major psychological resistance level at 0.7000 level, AUD/USD started a fresh decline. There was a clear break below the 0.69500 and 0.6900 support levels. However, the bearish momentum is losing its pace and we can expect a bounce back from the current level in the near term.
