AUDUSD extended its downside movement from 0.7897 to as low as 0.7690, facing a resistance-turned-support trend line on the weekly chart. At the same time, the pair stays below a bearish trend line on the 4-hour chart, suggesting that the pair remains in the downtrend from 0.7897. As long as the price is below the trend line, the downside movement could be expected to continue and further decline is still possible after a minor consolidation. Breakthrough the trend line on the weekly chart could take price to next support level at 0.7550, followed by 0.7328. On the upside, a clear break above the bearish trend line on the 4-hour chart will indicate that the short term downtrend from 0.7897 is completed, then the pair would find resistance at 0.7850 area.
