AUD/USD Technical Analysis: Channel breakdown favors re-test of 0.7050

The channel breakdown seen in AUD/USD's 4-hour chart indicates the pair could soon fall back to recent lows near 0.7050.

It also means the probability of pair validating yesterday's bearish outside candle with a close below 0.7070 is high. That would open the doors for a deeper drop below the psychological support of 0.70.

4-hour chart

Daily chart

Trend: Bearish