FXStreet (Guatemala) - AUD/USD extended its decline last week and reached lowest levels since 2009 printing 0.6827 the low on Friday. The antipodeans have not had much of a respite this year so far with the Aussie sliding from a touch above the 0.70 handle in a short period of time as commodities and China were the consideration very early on at the start of 2016's trade. Even despite another terrific jobs data outcome the currency was in supply with markets remaining cautious on China. " Our base case remains that China muddles through, but policymakers there need to communicate better with the markets. The PBOC fix and Chinese equity market performance will likely be the biggest drivers for global markets this week. Commodity prices continue to slide, with oil and copper making new cycle lows last week and adding to the gloom," explained analysts at Brown Brothers Harriman. Valeria Bednarik, chief analyst at FXstreet noted that this upcoming week, China will release plenty of macroeconomic data, staring next Tuesday Retail Sales and GDP figures. "Should the readings suggest that Chinese economic slowdown has deepened, the Australian dollar will probably slump. In the meantime, the technical picture supports some additional declines, with the 1 daily chart showing that the price has moved further below its moving averages and below the daily ascendant trend line broken early this month, while the technical indicators maintain their bearish momentum near oversold territory." AUD/USD bears slowing up? "In the 4 hours chart, the technical indicators are giving signs of downside exhaustion, turning north near oversold levels, while the price remains below a strongly bearish 20 SMA, suggesting at least some consolidation before a new leg south." For more information, read our latest forex news.