AUD/USD moved sideways in a trading range between 0.7672 and 0.7785. As long as 0.7785 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 0.7916 and a breakdown below 0.7672 support could trigger another fall towards 0.7600. On the upside, a breakout of 0.7785 resistance would suggest that lengthier consolidation for the downtrend from 0.8135 (Jan 26 high) is underway, then further rally to 0.7850 area could be seen.
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