AUDUSD broke below 0.7807 key support and extended its downside movement from 0.8102 to as low as 0.7799, indicating that the uptrend from 0.7328 (May 9 low) had completed at 0.8124 already. Near term resistance is at the top trend line of the price channel on the 4-hour chart. As long as the price is in the channel, the downtrend could be expected to continue and next target would be at the resistance-turned-support trend line on the weekly chart now at around 0.7700. On the upside, a clear break above the channel resistance could bring price back towards next resistance level at 0.7986, only break above this level could trigger another rise towards 0.8124 previous high resistance.
