• Overnight recovery in the Aussie lost steam after the latest poor Australia's building consents data dented investor sentiment
  
  
• Australian dollar edged up from a trough of $0.6934 hit on Tuesday, but gains stalled at $0.7020 and the pair slipped to hit session lows at 0.6996
  
  
• The pair however found stubborn demand at lows and is currently trading just shy of day's high at 0.7018 
  
  
• Given the recent events, the RBA may  be dovish at next Tuesday's meet, but has given no sign of change in stance yet
  
  
• Speculators heavily bearish on the Aussie, more disappointing news could see the AUD fall past a fresh 6-1/2-year trough at 0.6892 
  
  
• On the day's charts, Australian dollar stood on a firmer footing on Wednesday underpinned by a bounce in stocks, Stochs are at oversold and show a bullish crossover
  
  
• Immediate resistance is seen at 0.7042 (Sept 8 High) levels, above which gains could be extended to 0.7055 (20 DMA) and then 0.7096 (Sept 23 High) 
  
  
• Strong support on the downside is seen at 0.6937, with minor support seen at 0.6984 (Sept 23 Low) levels 
  
  

Recommendation: Good to buy AUD/USD dips around 0.70, SL: 0.6975, TP: 0.7040