A short-term decline is possible.
On the 4-hour chart, the AUD/USD pair entered a sideways channel between 0.7400-0.7500. At present, the price leans on the 38.2% Fibonacci fan, which makes its further fall towards 0.7400 possible. If the price breaks out from bottom to top, it might grow towards 0.7500 and 0.7565. The latter is a stronger resistance level as both short-term and medium term Fibonacci corrections stand here (38.2% and 23.6% accordingly). On the daily chart, the price bounced off the important support level at 0.7400 and is heading towards 0.7500 (23.6% Fibonacci) and 0.7565 (23.6% Fibonacci arc). Therefore, in the nearest future the price is likely to fall to 0.7400, where it is going to reverse and rise towards 0.7500 and 0.7565.
Open short positions after the breakdown of the level of 0.7440 with the target at 0.7400 and stop-loss at 0.7480.
Pending buy orders can be placed at 0.7400 with the target at 0.7500 and stop-loss at 0.7370. In addition, long positions can opened if the price breaks out the 38.2% fan before reaching the level of 0.7440. In this case, open long positions from 0.7475 with targets at 0.7500 and 0.7565.