- AUD/USD drops amid cautious market mood, ignore UK-Aussie trade deal.
- The spot charts a downside breakout from a triangle formation.
- Bearish RSI backs a decline towards 0.7650, as 0.7700 caves in.
AUD/USD is back in the range, testing the range lows near the 0.7690 region, as the bears look to regain complete control amid a cautious risk tone.
From the short-term technical perspective, the aussie has confirmed a triangle breakdown in the last hour following a sustained close below the rising trendline support at 0.7696.
The next bearish target appears at the psychological 0.7750 barrier, below which the June 3 low of 0.7644 could be retested.
The hourly Relative Strength Index (RSI) points south below the midline, allowing more room for declines.
AUD/USD hourly chart
On the other hand, the bulls need to recapture the triangle support now resistance, in order to embark upon any meaningful recovery.
Further up, the bearish 21-Simple Moving Average (SMA) at 0.7708 will test the conviction of the bullish traders.
AUD/USD additional levels to watch
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