AUD/USD failed to break below 0.7624 support and stayed in a trading range between 0.7624 and 0.7729. The range trading could be expected to continue in a couple of days and a break of 0.7685 level could trigger another rise towards 0.7729.
However, the price action in the trading range is likely a consolidation of the downtrend from 0.8124 (Sept. 8 high). A further decline could be expected after the consolidation and a breakdown below 0.7624 support could take the price to the 0.7500 area. On the upside, a breakout of 0.7729 resistance will suggest that a lengthier consolidation for the downtrend is needed, then the pair would find next resistance at 0.7800.
