AUDUSD continues to trade within an ascending channel on the H1 timeframe; however, recent recovery attempts have repeatedly stalled around the 0.7010 level—a zone coinciding with the Ichimoku cloud and the upper boundary of the resistance area. This indicates that bullish momentum is fading, while sellers are reacting strongly whenever the price pushes higher.

Fundamentally, the US dollar remains supported by defensive market sentiment and expectations that the Federal Reserve will maintain high interest rates. Meanwhile, the Australian dollar lacks fresh impetus from economic data out of Australia or China, limiting the likelihood of a breakout.

The preferred scenario is to wait for a pullback to the 0.7010 level and look for a clear rejection signal. If selling pressure successfully defends this area, AUDUSD could retreat to retest the 0.6982 support level, maintaining a short-term corrective phase.

Strategy: Prioritize SELL positions upon rejection at 0.7010, targeting 0.6982. The bearish scenario would be invalidated if the price closes firmly above 0.7010 on the H1 chart.