AUD/USD failed in its attempt to break below the resistance-turned-support trend line on the weekly chart now at around 0.7700 and rebounded strongly from 0.7732, indicating that correction of the downtrend from 0.8124 is underway.

A further rally is still possible in the coming days and the next target would be in the 0.8000 area. However, another fall towards 0.7700 is still possible after the correction and a breakdown below this level would take price towards 0.7535, followed by 0.7328.