AUD/USD Technical Analysis: Defends 0.70 in Asia, symmetrical triangle breakdown confirmed

• AUD/USD is currently reporting marginal gains at 0.7020, having printed levels near the key support at 0.7003 (March 8 low) earlier today. 
• The pair, however, looks set for a drop below 0.70 if we take into account the symmetrical triangle breakdown – a bearish continuation pattern – seen in the daily line chart.
• Notably, the bearish technical setup is backed by the narrowing of the spread between the two-year Australian and US government bond yields to the lowest since September 1997. 
• Hence, corrective bounce, if any, could be short-lived. 

Daily line chart

Trend: Bearish