AUD/USD FAST APPROACHING 0.7200 MARK, 20-MONTH LOWS

•  Renewed US-China trade war fears prompt some aggressive selling on Friday.
   •  A goodish pickup in the USD demand adds to the downward pressure. 
   •  Technical selling below 0.7240-35 area aggravates the selling pressure.

The AUD/USD pair remained heavily offered tone through the early North-American session and is now fast approaching the 0.7200 mark, near 20-month lows set in mid-August.

Trade jittered resurfaced after Bloomberg reported on Thursday that the US President Donald Trump is ready to impose tariffs on additional $200 billion worth of Chinese imports, as early as next week, and was seen weighing heavily on the China-proxy Australian Dollar and kept exerting 

Adding to this, a goodish pickup in the US Dollar demand since the early European session on Friday exerted some additional downward pressure. This coupled with the ongoing slide in copper prices further dented sentiment surrounding the already weaker commodity-linked currencies - like the Aussie. 

Meanwhile, possibilities of some stops being triggered/fresh technical selling below last week's swing low support, near the 0.7240-35 region, could also be one of the factors further collaborating towards aggravating the selling pressure.

It would now be interesting to see if the pair is able to find any support at lower levels or breaks below multi-month lows to confirm a fresh bearish breakdown and continue with its downward trajectory.

Technical levels to watch

A follow-through weakness below the 0.7200 handle is likely to accelerate the slide towards December 2016 lows support near the 0.7165-60 region en-route the 0.7120-15 support area.  On the flip side, any recovery attempts back above the 0.7240-45 immediate hurdle seem more likely to remain capped at the 0.7300 handle.

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