Chances of Australia PR invitation for Software Engineer with 70 points?

I am working as a Software Engineer and planning to apply for PR and have following questions regarding ACS

  1. What will be my ANZSCO code? Is this decided by ACS authorities?
  2. My points will be 70. How likely will I get invite for EOI?

How to Choose ANZSCO for ACS evaluation?

ANZSCO code has to be chosen by you from the category of Software engineers. There are multiple options available that you can choose based on what relates to your profile better.

If you are software engineer, you have the ANZSCO code as 261313.

ACS will then evaluate that specific profile using your education and work experience letters. 65% of your work should match with that ANZSCO’s job code profile and you will get points for it.

Check all Australia SkillSelect job ANZSCO codes here:

Chances of getting Australia PR invite for Software Engineer with 70 points?

At this time, the chances of getting an invite with 70 points for software engineer are pretty low. Current cut off date in July 11, 2018 draw (https://www.homeaffairs.gov.au/WorkinginAustralia/Pages/11-july-2018-invitation-round.aspx) was 11 April 2018.
The estimated (unofficial) cut off with 70 points is 30 Nov, 2017.

So, there is probably waiting of at-least 10-12 months with 70 points.

Try to increase points to 75 for software engineer with Spouse points

You should try to increase your points to 75, here is the calculator that can suggest you options on how to increase:
https://apps.truvisa.com/australia/skillselect/