AUD/USD Price Analysis: Bears on the prowl but US dollar stumbles

• AUD/USD bears are in control and a break of 0.7050 could be on the cards for the open. 
• DXY is correcting on the daily chart ahead of the Fed. 

AUD/USD will be in focus for the open given yet further disappointments in Chinese data from the weekend, China's purchasing managers indices fell deeper into contraction in April, and the technicals are poised for further downside ahead.

The following illustrates the bearish bias across the time frames. 

AUD/USD monthly chart

The W-formation's neckline was broken which leaves the outlook bearish for the foreseeable future. 

AUD/USD weekly chart

The price is in a strong downtrend that has recently accelerated and the prior lows into the 0.6960s are in focus. 

AUD/USD daily chart

The bulls failed to take over control and lost their footing on attempts to break 0.72 the figure. The price action is bearish and a break of 0.7050 is on the cards for the opening sessions. 

AUD/USD H4

The four-hour chart's price action also leans bearish below the prior lows and the bears could be going in for the kill at this juncture. 

US dollar corrects

The US dollar, however, is on the backfoot and could be in for some more supply in the days ahead. This could be a spanner in the works for AUD bears.