• AUD/USD bears are in control and target a downside extension. 
• The bulls could look to the neckline of the daily M-formaiton thereafter. 

AUD/USD fell from 0.7460 to 0.7420 overnight and remains on the backfoot, with bears eeking out a score of 0.7411 in Asia. Looking at the weekly and daily charts, the outlook remains bearish until weekly and daily support structures as illustrated below. 

AUD/USD weekly chart

The price rallied to a high of 0.7663 which was met with a strong bout of supply last week leading the outlook bearish for the days ahead this week. 

AUD/USD daily chart

From the daily chart's perspective, there is some room to go to the downside still until the prior resistance, looking left. At the moment, the neckline of the M-formation aligns with the 23.6% ratio, but the 38.2%, a preferred Fibonacci level, would align with the same resistance once the price reaches the aforementioned downside target and presumed support area.