AUD/USD Price Analysis: Bears likely to target sub-0.6500 levels, descending channel support

• AUD/USD remains depressed near multi-year lows set on Friday.
• Descending channel points to a well-established bearish trend.
• Oversold RSI helped limit the downside, only for the time being.

The AUD/USD pair struggled to capitalize on its attempted intraday recovery move and remained depressed near multi-year lows, around the 0.6525 region through the early European session.

The fact that the pair has been trending lower along a descending trend-channel since the beginning of 2020, points to a well-established bearish trend and support prospects for a further slide.

However, with daily RSI flashing oversold conditions, investors seemed reluctant to place any fresh bearish bets, which seemed to be the only factor helping limit the downside, at least for now.

Meanwhile, the pair's inability to register any meaningful recovery suggests that the near-term bearish pressure might still be far from over and warrant some caution for traders expecting any bounce.

The pair still seems vulnerable to head towards challenging the lower end of the mentioned trend-channel, which currently stands just below the key 0.6500 psychological mark.

AUD/USD daily chart

Technical levels to watch