The AUDUSD currency pair is currently encountering resistance from a descending trend line on the 4-hour chart. A breakout above this trend line resistance would signify the completion of the downward movement from 0.6894, which terminated at 0.6363. In such a case, the next target level for the pair would be in the vicinity of 0.6600.
However, it is vital to note that as long as the trend line resistance remains intact, the bounce observed from 0.6363 could be considered a consolidation phase within the overall downtrend. This consolidation suggests that there is still a possibility of a further decline, with a potential target around the 0.6300 area, following the consolidation.
In summary, the AUDUSD pair currently faces resistance from a descending trend line on the 4-hour chart. A break above this trend line resistance would indicate the completion of the downward move from 0.6894 and potentially lead to a rally towards the 0.6600 area. Conversely, if the trend line resistance holds, the price action may indicate consolidation for the downtrend, with the potential for a further decline towards the 0.6300 area after the consolidation.
