AUDUSD 0.7843: Pulls back to test support zone which should hold

AUDUSD extended the upswing from .7682 (April 21, 2015 low) to reach the 3-1/2 month high at .8075 (April 29, 2015 high) before correcting lower. The pair now is testing the .7823/.7769 Fibonacci support zone (as shown on the 240 minute chart) which should hold the dip. Back above .7872 would suggest basing and shift the focus towards .7919. Clearance above there would open .8075 for a retest. However, a break below the .7769 area would prolong the consolidation towards .7710/.7682.

Outlook:
Short term: neutral
Long term: bullish