The Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.60% today, as expected. The RBA said inflation remains too high and left the door open to further tightening if needed. RBAYou might expect a rate hike to send the Australian dollar higher. Instead, AUDUSD extended the decline that began after its September 9 high at 0.7237. The move has been driven in part by US dollar strength as US yields rose on expectations of a more hawkish Fed. The technical picture has also turned progressively more bearish.Sellers leaned against the 200-day moving averageAUDUSD initially bounced from its 100-day moving average on September 17, but broke below it with momentum last Wednesday. It then closed below the 200-day moving average on Thursday, although buyers did appear near the 61.8% retracement at 0.7007.The pair traded on both sides of the 200-day moving average over the following sessions. Today, sellers leaned against that average, now near 0.70256, around the Asian-Pacific session high. When the RBA decision failed to produce a sustained bounce, they pushed the price to its lowest level since the end of July.The decline reached 0.6979, just above the swing area between 0.69619 and 0.69778. Price has corrected modestly higher, but sellers have so far been willing to sell against the 0.7007 retracement.That leaves the sellers holding the better hand. Staying below 0.7007, and away from the 200-day moving average, keeps the downside bias in place. Buyers need to get above both levels and stay above them to start disappointing sellers.Key technical levelsThe current price is at 0.69902 and below the 61.8% retracement. On the downside, a move below the 0.69619 would take price through the swing area and open the door toward 0.69205, followed by 0.69056. The late June low at 0.68655 is a more distant target if downside momentum continues.On the topside, buyers first need to reclaim 0.7007 and the falling 100-hour moving average at 0.70206. That would bring the 200-day moving average at 0.70256 back into focus, followed by 0.70515. The 100-day and 200-hour moving averages are both near 0.70647; moving above that pair would add more credibility to a bullish shift.Trading lesson: Watch the reaction to the newsAn expected rate hike does not guarantee that a currency will rise. Traders may have already priced in the decision, while moves in the other currency—in this case, the US dollar—can have a greater effect on the pair.The useful question after a news release is: Did the price reclaim a level that changes the technical bias? Today, AUDUSD could not sustain a move above the 200-day moving average. The subsequent break to a new low showed that sellers were still in control. For buyers, the levels above provide a clear way to judge whether that control is starting to slip.In the video above, I walk through those levels and what it would take for buyers to turn the bias around. This article was written by Greg Michalowski at investinglive.com.