AUD/USD Price Analysis:

• AUD/USD is on the verge of a breakout to the downside on the hourly time frame. 
• Bears are seeking a break of shorter-term support. 

Similar to USD/CAD, USD/CAD Price Analysis: Bulls on the verge of a fresh hourly impulse, AUD/USD is shaping up for an equal opportunity on the hourly time frame as follows:

AUD/USD hourly chart

The trend is bearish and the price could be on the verge of a downside extension for the sessions ahead. 

The price corrected to a 61.8% Fibonacci and has been capped a number of times near the 50% mean reversion level. 

AUD/USD 15-min chart

From a lower time frame perspective, the bears need to break support near 0.7420.