• Fed is hawkish and that is a bearish factor for AUD/USD.
• Fed's Powell is speaking and maintains the hawkish language that could impact the US dollar to the upside. 

Federal Reserve's chair, Jerome Powell, has noted that inflation will run above goal well into 2022 in the presser. This leaves the downside in play for AUD/USD as follows:

AUD/USD daily chart

The daily chart is bearish while below 0.7150. 

AUD/USD H1 chart

The bear wick could be targetted on a hawkish and bullish Fed's Powell. The US dollar would be expected to strengthen and this will expose the downside below 0.7090 towards 0.7050 and then 0.7030 as per the prior structure. 

AUD/USD M15 chart

From a lower-term time frame, the 15-min chart shows that the price is mitigating the imbalance of the initial sell-off. However, should the key resistance hold, near 0.7130/40, now that the majority of the imbalance has been mitigated, then the prospects of the downside will intensify and leave 0.71 the figure vulnerable again. 

Update: AUD/USD bulls step in

The spike to the upside has invalidated the downside case, for now. The old resistance would now be expected to act as support.  However, the daily outlook for the sessions ahead remains intact while the price is below 0.7150. However, a break of 0.7180 would be the nail in the coffin for the bears.