AUDUSD is currently facing resistance from a falling trend line on the 4-hour chart. As long as this trend line resistance holds, the bounce from 0.6714 could be seen as a consolidation for the downtrend from 0.6894, and further decline towards the 0.6660 area is still possible.
On the other hand, if the price manages to break out of the trend line resistance, it would indicate that the downside move has already completed at 0.6714 and the next target would be 0.6846. If the price rises above this level, it could even aim for the previous high of 0.6894.
Overall, while AUDUSD is facing resistance from a falling trend line that could see further decline, there is also the possibility of a breakout above the trend line resistance that could see the price rebound.
