As you see in the 4H chart, price is moving in the huge ascending channel .
Price failed to reach the channel’s upper band in its last upside move and currently, it is moving downside towards the channel’s lower band.
If we take a look at the price structure, we can see that there is more downside pressure and the number of bearish candles is less than the bullish ones.
There is a high probability of a downside breakout on the channel’s lower side, and if it happens, I expect more drop on AUDUSD towards the last major low at 0.7104
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