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After consolidation of the price below the level of 0.6870, the quotes of the AUD/USD pair develop a "bearish" momentum, heading to the area of 0.6670.

The pressure on the instrument is exerted by macroeconomic statistics from the USA. Personal Spending of American citizens added 1.8% after -0.1% in the previous month, while experts expected a positive trend of 1.3%, and Personal Income adjusted from 0.3% to 0.6%, not reaching the expected 0.9%. Core Personal Consumption Expenditures Price Index for January also was 4.7% above expectations at 4.3% and higher than the previous reading of 4.6%, which was adjusted upwards from 4.4%. Higher-than-expected consumer spending indicated that the US Federal Reserve will continue its "hawkish" monetary policy to bring inflation down.

In turn, recession fears in the Australian economy are on the rise as consumer prices show no signs of slowing down, so the Reserve Bank of Australia (RBA) will be forced to continue raising borrowing costs. The next meeting of the regulator will take place on March 7, and if the RBA increases the interest rate by 50 basis points, it will be possible to assume the strengthening of the AUD/USD pair with the target of 0.6870.

The long-term trend is upward and the price is approaching the key trend support at 0.6670. If this level is held by buyers, the uptrend will continue with the first target at 0.6870. If the level of 0.6670 is broken down, one can expect the price to drop to the area of 0.6585–0.6500.

The medium-term downtrend continued last week. As a result, the target zone 2 (0.6757–0.6737) was broken, and the next drop target is the target zone 3 (0.6557–0.6537). New sales can be considered on the correction from the key trend resistance at 0.6918–0.6898. The first selling target will be the low of the current week at 0.6700.

Resistance levels: 0.6870, 0.7000, 0.7130. | Support levels: 0.6670, 0.6585, 0.6500.