AUKUS could set AUDUSD further Down

Fundamental: As reported, Australia has established relations with the US and UK in military cooperation which has sparked the anger of the Chinese government. Since China is the largest importer of Australia's Iron Ore, the country's highest GDP contributor, the AUDUSD would have a chance of weakening.

Technical:On the Daily Chart of AUDUSD, the price movement is still in downtrend. Based on Elliot Waves Theory, the price has a chance of being in the third wave which indicate a further down movement.