Under pressure by the top trend line of the price channel on its monthly chart, AUD/USD pulled back from 0.7989 and moved sideways in a narrow range between 0.7875 and 0.7989. As long as the 0.7830 support holds, the sideways movement could be treated as a consolidation of the uptrend from 0.7571.
Another rise towards 0.8150 is still possible after the consolidation. A break out of the 0.7989 resistance could signal resumption of the uptrend. On the downside, a breakdown below the 0.7875 support could take the price to the next support level at 0.7830. Below this level will indicate that a lengthier correction for the uptrend is underway, then the following correction pullback could bring the price into the 0.7750 zone.
