• AUD/USD bears eye a downside correction around key US events.
• The bears are on the backside of the prior bullish trendline, leaving the bias bearish. 

AUD/USD was pressured on Monday from bullish cycle highs near 0.6773 and the pair now consolidates ahead of key events on the US calendar this week, starting Tuesday.  The May inflation rate on Tuesday will be a key focus and could shift the needle ahead of the Federal Reserve interest rate decision.  Meanwhile, the US Dollar inched higher on Monday, trading in a narrow range as investors remained cautious ahead of several key policy decisions due this week, with the Federal Reserve expected to keep rates on hold for the first time since January 2022