AUDUSD broke above the top trend line of the price channel on the 4-hour chart, suggesting that lengthier consolidation for the downtrend from 0.7897 is underway. Range trading between 0.7532 and 0.7644 would likely be seen in a couple of days.
As long as 0.7644 resistance holds, the downtrend could be expected to resume, and another fall towards 0.7450 is still possible after the consolidation.
Near-term support is at 0.7532, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 0.7644 resistance will suggest that the downtrend had completed at 0.7532 already, then next target would be at 0.7729.
