AUDUSD broke above the bearish trend line on the 4-hour chart, suggesting that lengthier consolidation for the downtrend from 1.8124 is underway. Further rally would likely be seen and next target would be at 0.7875. As long as 0.7875 level holds, the downtrend could be expected to resume, and another fall towards the resistance-turned-support trend line on the weekly chart is still possible after the consolidation. On the upside a breakout of 0.7875 resistance would confirm that the downside movement had completed at 0.7732 already, then the following correction rebound could bring price towards 0.7986.
