AUDUSD broke above the resistance of the falling price channel on the daily chart, suggesting that consolidation for the downtrend from 0.7205 is underway. Range trading between 0.6864 and 0.7000 would likely be seen over the next several weeks. However, as long as 0.7000 resistance holds, the downtrend could be expected to resume, a breakdown below 0.6864 support could trigger another fall towards 0.6765 support.
