AUD/USD upswing running out of steam?

AUD/USD slipped below support near 0.7070, marked by a rising trend line guiding the upswing since the upswing from mid-month lows as well as former range resistance. A retest is now underway. If it fails, the longer-term downtrend may resume. Confirmation is eyed on a breach and hold below 0.7020, which may then set the stage for a slide back toward the 0.69 figure.