AUDUSD drops sharply below 0.7789 previous low support and reaches as low as 0.7722 level. The pair remains in downtrend from 0.8155. Deeper decline is still possible to 0.7650-0.7700 area. Near term resistance is at 0.7835 and followed by 0.7890, as long as these levels hold, we€™d expect the downtrend to continue. However, above 0.7890 level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 0.8155 has completed.