AUDUSD broke above channel resistance

[forexcycle]

AUDUSD broke above the top trend line of the price channel on its 4-hour chart, suggesting that the downside movement from 0.8102 is complete. Further rally to test 0.7860 resistance could be expected in the coming days. A break through this level would confirm that the downtrend had competed at 0.7785 already, then the following correction rebound could bring price towards 0.7986 resistance. On the downside, as long as 0.7860 resistance holds, the bounce from 0.7785 would possibly be consolidation of the downtrend and another fall towards the resistance-turned-support trend line on the weekly chart is still possible.