AUD/USD 1H Chart: Channel Down

Since mid-April this currency pair has been in a major down-trend and just recently it has accelerated its descent. The strong bearish impetus was received once AUD/USD breached the 200-hour SMA that previously was keeping the pair afloat. Both short and long-term outlooks on the price are negative. Firstly, it is currently testing the upper boundary of the pattern, meaning the price should decline down to 0.8763. Secondly, the formation itself implies that AUD/USD is inclined to grind lower. At the moment the only argument against is the 4H technical indicators, but there are also concerns that the pair is already oversold.