AUD/USD Technical Analysis: Intraday slide finds some support near 100-hour SMA/descending channel confluence region

   •  The pair extended its steady intraday decline through the mid-European session and weakened further below mid-0.7100s, eroding a major part of the previous session's goodish up-move.

   •  The intraday downtick has now dragged the pair to confluence support – comprising of the lower end of a descending trend-channel formation on short-term charts and 100-hour SMA.

   •  Technical indicators on the 1-hourly chart have just started gaining negative traction, albeit bullish/neutral oscillators on higher time-frames might help limit deeper losses.

   •  Hence, traders are likely to wait for a convincing break below the mentioned support before positioning for some additional weakness towards the 0.7130-25 region en-route the 0.7100 handle.

AUD/USD 1-hourly chart