AUDUSD’s bounce from 0.7732 extended to as high as 0.7838. Further rally to test 0.7875 resistance is still possible, above this level would confirm that the downtrend from 0.8124 had completed at 0.7732 already, then the following correction rebound could take price towards next resistance level at 0.7986. On the downside, as long as the price is below 0.7875 resistance, the bounce from 0.7732 could be treated as consolidation of the downtrend, and another fall towards the resistance-turned-support trend line on the weekly chart is still possible after the consolidation. Near term support is at 0.7765, followed by 0.7732, below these levels could signal resumption of the downtrend.
