AUD/USD Technical Analysis: Intraday bearish breakdown points to extension of the downslide

   •  The pair struggled to build on its early uptick beyond 100-hour SMA and has now dropped below a short-term ascending trend-line support, held over the past 24-hours or so. 

   •  The mentioned support coincided with 38.2% Fibonacci retracement level of the 0.7164-0.7238 up-move and thus, opens room for an extension of the intraday slide. 

   •  Moreover, weakness below the ascending trend-line support marked a bearish breakthrough a rising wedge chart pattern on the 1-hourly chart and should prompt some fresh selling.

   •  Technical indicators on the mentioned chart have been losing positive momentum and further add credence to the bearish breakdown, increasing prospects for further downside.

AUD/USD 1-hourly chart