AUDUSD’s rise from 0.7328 extended to as high as 0.7469. The pair is facing the resistance of the descending trend line on 4-hour chart. As long as the trend line resistance holds, the rise could be treated as consolidation of the downtrend from the March 21 high of 0.7749, and another fall could be expected after the consolidation. Near term support is at 0.7388, a breakdown below this level could signal resumption of the downtrend from 0.7749. On the upside, a clear break of the trend line resistance will indicate that the downtrend had completed at 0.7328 already, and the following upward movement could bring price into 0.7550 zone.
