The 4-hour chart for AUD/USD shows that the pair has been trading within an ascending broadening wedge.
The recent rally in the US Dollar Index has pushed the pair down toward key support level at 0.6440, near the lower boundary of the wedge. A break below 0.6420 could trigger a sharp decline toward the 0.6380 and 0.6320 levels.
However, the RSI has reached oversold territory, suggesting a potential short-term rebound from the 0.6440 area.
