AUD/USD continues to decline because many expect the Fed to raise its interest rates more aggressively at its next meeting. Fed's chief, Jerome Powell, hinted at that last week, thereby increasing demand for dollar. If USD continues to rise, the pair may see an even greater fall than what is currently observed.
Technical picture:
The quote is below the middle line of the Bollinger indicator, below SMA 5 and SMA 14. The relative strength index (RSI) is below 50% and is moving towards the oversold zone, while the stochastic indicator is indicating a slowdown in price increase.
Possible dynamics:
A dip and consolidation below 0.7165 will push the pair further down to 0.7000.