AUD/USD Technical Analysis: Hits fresh 2-month low after flag breakdown

AUD/USD fell to 0.7035 soon before press time - the lowest level since Jan . 4 - and may extend the decline further toward 0.7021, as indicated by the bear flag breakdown, confirmed earlier today on the 15-minute chart. 

Validating that bearish view is the 6 basis point drop in the spread between the Aussie and US 10-year government bond yields. As of writing, that spread is seen at -60 basis points. 

15-minute chart

Trend: Bearish