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AUDUSD: Downward Channel Still Controls the Trend

The AUDUSD H4 chart is still moving within a fairly clear bearish price channel. After a rebound from the bottom near 0.70000, the price moved up to retest the resistance around 0.70700, but the reaction there wasn't strong enough to break out of the upper edge of the descending channel.

Currently, the price is around 0.70488, below the Ichimoku zone and still being pressured by downward pressure from above. If the price continues to fail below 0.70700, the likelihood of AUDUSD returning to lower support is quite high. The main target on the chart is 0.69400.

Regarding news, the RBA keeping interest rates at 4.35% means the AUD lacks a catalyst for a strong upward move. In this context, a rebound to the resistance but failing to break the downtrend structure could easily become an opportunity for sellers.

Reference strategy:
SELL: 0.70670 – 0.70700
SL: above 0.71000
TP: 0.69400