AUD/USD started the week rebounding from 0.7580, which was June's low. After a rebound in what became a pennant pattern, the pair retreated from 0.7737 and is in a bearish continuation breakout.AUD/USD 4H Chart 7/1(click to enlarge) Here are the bearish signs in the 4H chart:1) After the rebound to start the week, price essentially held below the cluster of 200-, 100- ,and 50-period simple moving averages. This is a sign that bears are in charge.2) The RSI tagged 30 to start the week and held below 60 after the rebound. This reflects development of bearish momentum. 3) During the 7/1 session, price broke the pennant pattern, opening up the 0.7580 low again. AUD/USD Daily Chart 7/1(click to enlarge)When we look at the daily chart, we see a sideways market throughout the year. The market was bearish heading into 2015, but there was a bullish reversal attempt in April and May. However, this proved to be a failure, which is a sign that bears are still in charge. Based on the technical conditions in the 4H and Daily chart, we should see the AUD/USD test the low on the year at 0.7533. In fact, the recent respect of the 100- and 50-day SMA as resistance suggests that this bearish scenario is imminent. With the bearish outlook pending, we should note that the fundamental reason is the anticipation of a rate hike by the fed. If the FOMC announces that it will likely wait until 2016 to raise rates, we should see further sideways action, with some short-term bullish outlook. In this scenario, the 0.79-0.7940 area would be back in sight.