AUDUSD maintains a bearish structure, with price action consistently capped below the descending trendline. The 0.7035 level currently serves as a notable short-term resistance, where buyers have repeatedly failed to achieve a decisive breakout.

The fundamental backdrop also remains unfavorable for the AUD, as the USD finds support from recovering US yields and market caution ahead of key labor market data. This continues to weigh on the pair in the short term.

My base case is for AUDUSD to face continued rejection around 0.7035, followed by a move down to test the 0.7012 zone. As long as the price remains below the bearish trendline, the advantage stays with the sellers.