AUDUSD remains in the downtrend from 0.7988, the bounce from 0.7712 is likely consolidation for the downtrend. Near term resistance is at the bearish trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 0.7600 area. On the upside, a clear break above the trend line resistance would suggest that the downside movement had completed at 0.7712 already, then the following upside movement could bring price back to next resistance level at 0.7893.
