The AUD/USD has been rallying in a rising channel since the 0.8540 low on the year marked earlier in November. Today, during the 11/19 session, price has broken below this channel, signaling bearish continuation.AUD/USD 4H Chart 11/19(click to enlarge) The 4H chart shows that priced rallied up to almost 0.88, breaking above the cluster of 200-, 100-, and 50-period simple moving averages. The 4H RSI also broke above 60 showing loss of bearish momentum. However, price was unable to stay above the SMAs, and the RSI fell before tagging 70. These showed a failed attempt at a reversal. Now, with price falling below the consolidation channel, AUD/USD is bearish again, with focus on the 0.8540 low on the year, and with risk of breaking lower, towards the 0.85 handle. At this point if price can hold below 0.87, the bearish continuation outlook is in play. A rally above 0.87 however keeps the pair in consolidation mode. It would simply have shifted from a neutral-bullish consolidation to a neutral-bearish one, so either way, the bearish outlook still looms outside of the day-to-day noise, or even multi-week consolidation.