The AUDUSD has found a strong resistance level at the big psychological number 0.8000. This is the third consecutive week AUDUSD reacts lower and isn’t able to break above it. Until we remain below 0.8000 the risk remains skewed to the downside and we could see a deeper retracement. For the time being AUDUSD seems also trapped in a consolidation zone between support level 0.7875 and 0.7990 and 0.8000 resistance level. Just below our support level, we have 0.7790 followed by 0.7712. AS long as we’re trading within these boundaries we should expect more range.