AUDUSD remains in the uptrend from 0.7807

AUDUSD remains in the uptrend from 0.7807, the fall from 0.8124 is likely consolidation of the uptrend. Near term support is located at the bullish trend line on the 4-hour chart. As long as the price is above the trend line, the upside movement could be expected to continue and next target would be at 0.8162. On the downside, a clear break below the trend line support could take price back to next support level at 0.7960, only break below this level could indicate that the bullish movement from 0.7807 is complete.

AUDUSD 4-hour chart

By ForexCycle.com