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  • AUD/USD has lost 10 odd pips in the last few hours and could see a deeper drop toward the immediate hourly chart support at 0.7116, as the 50- and 200-hour MAs have produced a bearish crossover.  
  • Further, the spot has dived out of the contracting triangle, as seen in the hourly chart, signaling a continuation of the sell-off from the recent high of 0.7206.  
  • The relative strength index (RSI) on the hourly chart is biased bearish with a below-50 print.  

Hourly chart

Trend: Bearish