AUD/USD Vulnerable to deeper decline

Since April 19^th the AUD/USD pair entered into bearish trajectory and broke to below consecutively the 2016 bullish trend line and the bearish channel started from February 2018.  After having marked a new fresh 11-month low today at 0.7412, the pair bounced modesty to currently trade around 0.7450. However the pair remains vulnerable for further declines because the bears conquered the psychological support at 0.7500, now acting as a resistance. So a potential recovery might lead the price towards first resistance area at 0.7480 provided by 50% Fibonacci retracement of 2016-2018 bullish run, before nearing again this critical 0.75 mark. The downside is immediately protected by the 0.7410-0.7400, and in case the pair close below it, will be poised to extend its decline towards next support at 0.7370, which if broken will open doors for testing the 61.8% of same Fibo at 0.7327.