AUD/USD’s downside movement from 0.8135 extended to as low as 0.7759. Further decline is still possible after a minor consolidation and next target would be at 0.7700 area. Near-term, resistance is at the top trend line of the price channel on the 4-hour chart and the key resistance is at 0.7910, only break above this level could signal completion of the downtrend.

AUDUSD 4-hour chart

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