Since the beginning of the year, the currency pair lost over 1.5% but last week finished with a drop of more than 1.0% and is in a bearish phase since late March. Last week the AUDUSD fell with a wide range and closed near the low of the week, but managed to close within the previous week range, which suggests being slightly on the bearish side of neutral. The stochastic is showing an oversold market and is beginning to display lack of momentum. Currency pair broke below the all three weekly moving averages, the 10, the 50 and 200, in addition made a bearish engulfing pattern, all signs that the bears are taking control. The last strong hold for the bulls seems to be the 61.8 Fibonacci retracement at 0.7531. Expecting a downward move to the lower zone of a weekly support at 0.7531 on a break below the previous week low at 0.7655 (scenario 1) however a bounce from the weekly support at 0.7531 may initiate an upward correction to 50% Fibonacci retracement at 0.7645 (scenario 2).