AUD/USD Holds Below 0.7150 as Descending Wedge Signals Extended Weakness

AUD/USD is consolidating losses near monthly lows around 0.7100-0.7150 after failing to sustain the May 6 breakout above 0.7277. The pair initially rallied on the RBA’s third consecutive 25 bp hike but reversed amid stronger US data and renewed dollar demand. Recent bounces from the critical 0.7100-0.7113 support zone have lacked conviction, with technicals now showing a bearish bias as price sits below the 20-day EMA and forms a descending wedge. Momentum indicators including RSI near 48 and negative MACD reinforce downside risk toward 0.7050 and 0.7000 unless buyers reclaim 0.7164-0.7200.