AUD/USD has escaped from the ascending channel, it has retested the black uptrend line and now it has declined again. Still, a larger drop, corrective phase, could be signaled only by a drop below 0.7660 former low.
I strongly believe that a new lower low could really validate a deeper drop on the H4 chart. So, dropping under 0.7660, 0.7650 levels could represent a selling signal. Technically, the downside scenario could be invalidated by an increase, upside breakout, above the red downtrend line and through the 0.7820 higher high.
Trading Conclusion!A sharp drop below 0.7660 brings a selling opportunity and confirms a downwards movement. Such a breakdown signal a further drop towards the 0.7500 psychological level.