AUD/USD Price Analysis: Weakens farther below 0.5900 mark, lowest since February 2003

• The bearish pressure surrounding AUD/USD remained unabated on Wednesday.
• The downward trajectory seemed unaffected by extremely oversold conditions.
• Bears might take some breather near two-week-old descending channel support.

The AUD/USD pair continued losing ground and weakened farther below the 0.5900 mark, hitting 17-year lows during the early North-American session on Wednesday.

A sustained break below October 2018 swing lows, around the key 0.60 psychological mark, was seen as a key trigger for bearish traders amid a rush to hoard the USD.

The downward trajectory seemed rather unaffected by extreme oversold conditions on short/medium-term charts, rather took cues from a selloff in the global equity markets.

Looking at the shorter timeframe, the pair has been trending lower along a descending trend channel over the past two weeks or so, indicating a well-established bearish trend.

Bears are likely to take some breather near the lower end of the mentioned trend-channel, albeit a sustained break through should pave the way for a further near-term downfall.

Meanwhile, any attempted recovery back above the 0.5900 round-figure mark might now confront some fresh supply and is likely to remain capped near the 0.5925-30 zone.

AUD/USD 1-hourly chart

Technical levels to watch