If there's one thing that stands out after the RBA decision today, it is that AUD/USD still can't catch a meaningful bid even after the rate hike.The RBA raised the cash rate by 25 bps to 4.60%, its highest since 2011. On paper, you would think that should be supportive for the aussie. Instead, AUD/USD has slipped below 0.7000 and the technical picture is starting to look increasingly uncomfortable for the currency pair.The chart is the key one for me here. AUD/USD is threatening a break of a couple of important levels at roughly the same time.The fall last week already looks to hold below the key rising trendline from the June to July lows but now we're also getting a firm break below the 200-day moving average (blue line) as well as the psychological 0.7000 mark. That's a pretty significant confluence of support levels to be giving way.Now, a daily close below the region above would make the breakdown much harder to dismiss - especially one under 0.7000. It would also leave AUD/USD trading firmly below both of its key daily moving averages. The last similar break in November 2025 proved short-lived, while a more sustained move below both averages hasn't been seen since April 2025.That would open the path towards the July swing lows around 0.6913-22, before the June low of 0.6865 comes into play next.What makes the move more interesting is that the RBA wasn't exactly dovish, but then again did not reaffirm expectations of another rate hike for November. Bullock did reaffirm that rates could still be raised again if needed, but there was enough nuance in her press conference to take some shine off the headline hike.In particular, Bullock played down the importance of tomorrow's August CPI report. She stressed that monetary policy works with a lag and that the RBA still needs to see how this year's tightening feeds through to the economy.And with the US dollar still being supported by elevated Treasury yields, AUD/USD isn't getting much help from the other side of the equation either.For now, 0.7000 is the key line in the sand. A recovery back above roughly 0.7025-0.7050 would ease some of the more immediate technical pressure. But if the break sticks, the aussie may have just opened the door to a considerably deeper correction. This article was written by Justin Low at investinglive.com.