AUD/USD struggles near 1-month lows, below 0.7100 handle

   •  RBA cuts its growth forecasts and reinforces this week's dovish shift.
   •  Fresh US-China trade concerns further add to the recent selling bias.

The AUD/USD pair remained under some selling pressure on Friday and dropped to over one-month lows during the Asian session, albeit has managed to bounce of few pips thereafter.

After yesterday's directionless trading action within a narrow trading range, the pair met with some fresh supply on the last trading day of the week after the RBA slashed its economic growth forecasts. The downward revision reinforced the central bank's shift from its long-standing tightening bias earlier this week and kept exerting some downward pressure on the domestic currency.

Meanwhile, concerns over the US-China trade disputes reemerged after the US President Donald Trump confirmed that he will not meet with China President Xi Jinping before the March 1 tariff deadline and further dented the already weaker sentiment surrounding the China-proxy Australian Dollar.

Adding to this, the continuation of the recent US Dollar rally to a near two week high further compounded the bearish pressure and collaborated to the pair's intraday slide to 0.7061, albeit oversold conditions on hourly charts now seemed to hold traders from placing any fresh bearish bets and seemed to be the only factor lending some support.

It would now be interesting to see if the pair is able to attract any meaningful buying interest or bears maintain their dominant position on the last trading day of the week and amid absent relevant market moving economic releases from the US.

Technical levels to watch