AUD/USD has been on a downtrend channel making lower highs and lows. Price tested the trendline thrice recently and heavily rejected with the bears still in control of the trendline. The market rejected the last break with a long bearish engulfing and test. AUD/USD is currently rubbing shoulders with the 200 EMA which is somewhat acting as a support for the pair before it heads down south. We favor a bearish entry at 0.70560 TP1 0.70660 TP2 0.70080 SL 0.71335