AUD/USD is currently trading within a descending corrective channel that formed after a broader upside expansion. Price has recently rebounded from the lower boundary of the correction and is now pressing against channel resistance.

From a technical perspective:

Price remains above the 200-period moving average on the 2-hour timeframe, indicating broader structural support.

Shorter-term moving averages are beginning to curl upward, suggesting momentum recovery.

The corrective structure appears compression-based rather than impulsive, indicating potential continuation rather than trend reversal.

RSI is stabilizing above mid-range and turning upward, reflecting improving buying participation without overextension.

Historically, around 70% of the time, when price breaks above a descending corrective channel within a broader bullish trend, continuation toward prior swing highs and projected extension levels tends to follow.

A confirmed close above 0.7090 would signal acceptance above resistance and increase probability of continuation toward 0.7115 and 0.7145.