The AUDUSD is trading within the confines of a well-defined descending channel formation extending off the monthly high. The decline is now approaching a near-term support confluence into 7680 where the 76.4% retracement converges on channel support & a longer dated lower median-line parallel off the 2015 lows. Ongoing intra-week momentum divergence also suggests that short exposure into this zone is at risk. Bottom line: looking for a possible near-term low / long triggers heading into 7670/80 with a breach above the European highs / channel resistance shifting the near-term focus higher. A move surpassing the 7805 ... (full story)