AUD/USD Technical Analysis: Aussie remains confined by declining trendline depsite recovering from Fed selloff

• The Aussie fell off steeply after the US Fed hiked interest rates by 25 bps, but recovered quickly and ended Wednesday mostly flat.
• The run-up into Wednesdays US session gave a re-tap of the current descending trendline, confirming a bearish bias.
• Long-term technical correction set to face challenges.

AUD/USD Chart, 1-Hour

Spot rate: 0.7578
Relative change: Negligible
High: 0.7579
Low: 0.7574

Trend: Bearish

Support 1: 0.7552 (61.8% 1-Month Fibonacci retracement level)
Support 2: 0.7529 (Wednesday low)
Support 3: 0.7475 (one month low)

Resistance 1: 0.7608 (Wednesday high, failed break of key major level)
Resistance 2: 0.7623 (current week high)
Resistance 3: 0.7676 (two-week high; technical top)