AUD/USD daily charts
The M-formation is a topping pattern and while there are still prospects of a test higher to the neckline near 0.6950, the bias is to the downside with the trendline support eyed on the way to 0.6850. A break of this area opens the risk of a move to test below 0.6800.
AUD/USD H4 chart
We have seen a move below the rising channel and there is a price imbalance (PI) on the way to 0.6935 with the 38.2% Fibonacci around 0.6950. If the bears commit there at a premium, then there will be prospects of a break below the current support of 0.6905 to open the price imbalance below and a run to 0.6800 and 0.6750 below there.
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