AUDUSD fell back into the descending channel after its attempt to break out of it was short-lived. This has turned the bias back to the downside, especially since the RSI has fallen back below 50 into bearish territory.
The upper channel line and the kijun-sen line are acting as resistance now at 0.7146. Support is at 0.7097, which is the 76.4% Fibonacci retracement level of the upleg from 0.6008 to 1.1078. An important support level lies at 0.7000, which if breached, would accelerate a fall towards the multi-year low of 0.6906, and strengthen the bearish trend.
Looking at the bigger picture, it can be seen that prices have been falling since September 2014. The 200-day moving average is descending, as is the Ichimoku cloud, keeping the market capped below. All these are bearish signals.