OMC Could Trigger AUDUSD Drop! Key Level to WatchAUD/USDOANDA:AUDUSDJoeChampionHey Traders, In the coming week, we will be monitoring AUDUSD for a potential selling opportunity around the 0.70500 zone. From a technical perspective, AUDUSD was previously trading in an uptrend, but price has now successfully broken below the established trend structure, suggesting a possible shift in market direction. Following this breakout, the pair is currently moving through a corrective phase and approaching a potential retracement area around 0.70500. This zone will be important to watch as price could revisit the broken structure before potentially resuming its bearish movement. We will be looking for signs of rejection and bearish confirmation around this area before considering a short position. From a fundamental perspective, the upcoming FOMC meeting could provide an important catalyst for the US Dollar. Recent hotter-than-expected inflation data, combined with rising energy prices, may encourage the Federal Reserve to maintain a hawkish stance. Since the market is not currently pricing in a rate hike, any hawkish surprise or stronger-than-expected messaging from the Fed could support USD strength. If the US Dollar gains momentum following the FOMC announcement, AUDUSD could face additional downside pressure, potentially aligning with the bearish technical structure. Our plan: We will monitor the 0.70500 area for a potential short entry, waiting for price action confirmation and renewed bearish momentum before taking any position. As always, patience is key. We will let the market come to our level and avoid entering prematurely, especially with the potential volatility surrounding next week's economic events. Key level to watch: 0.70500 Let's see how the setup develops in the coming week! This is a trading idea, not financial advice. Always apply proper risk management and wait for confirmation before entering a trade.