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AUDUSD bounces from 1.0287

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AUDUSD bounces from 1.0287, suggesting that consolidation of the downtrend from 1.0480 is underway. Key resistance is located at the upper line of the price channel on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.0200 is still possible. However, a clear break above the channel resistance will indicate that the downtrend from 1.0480 has completed at 1.0287 already, then the following upward movement could bring price back to test 1.0480 resistance.

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