AUDUSD has been staying below a falling trend line on the 4-hour chart, indicating that the downtrend from 0.6894 is still in place. As long as the trend line resistance holds, the downside move could be expected to continue, with the next target being the 0.6660 area.
However, if the price were to break out of the trend line resistance, it could rebound back towards the 0.6846 level. If the price manages to rise above this level, it would confirm that the downside move has already completed at 0.6714 and another rise towards the previous high of 0.6894 could be seen.
