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AUD/USD Offers a Bearish Outlook

AUD/USD had a recent run up to 0.73, but this run stalled in the past week or so as we can see in the 4H chart.

AUD/USD 4H Chart 10/21
(click to enlarge)

During the 10/21 European session, we saw price fall further from the last week's triangle consolidation pattern. This bearish price action is an indication of downside risk not only in the 4H, short-term chart, but also in the weekly, medium-long-term chart.

AUD/USD Weekly Chart 10/21

(click to enlarge)

In the weekly chart we can see that the recent run up to almost 0.74 pinned price against a falling trendline going back to 2014 when price started to fall from 0.94. The downtrend looks intact. In fact this trend goes back to the heights around 1.10 in 2011. 

Given both the short-term, and long-term bearish outlook, today's bearish breakout signals downside risk at least towards 0.70.