AUDUSD Drop After Breakout

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