AUD/USD extended its downside movement from 0.8135 to as low as 0.7642. A further decline is still possible after a minor consolidation and the next target would be at 0.7500 area.

Near term resistance is at 0.7785, a break of this level could bring price back towards the falling trend line on the daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.

AUDUSD daily chart

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