AUDUSD is consolidating after Friday’s rally

The pair is holding within narrow range on Monday, following strong rally on Friday that peaked at 0.7944.
Bullishly aligned daily studies are supportive but the price faces strong headwinds at 0.7940 zone (50% of 0.8065/0.7807 pullback), as several attempts above barrier failed to close above and signal extension of recovery leg from 0.7807 (15 Aug correction low).
Falling weekly 200SMA (0.7978) also weighs, suggesting that the pair may extend consolidation before fresh attempts higher.
Aussie remains supported by recent rise in base metals and scope for fresh attempts above psychological 0.8000 barrier remains in play.
The floor of consolidation range of past two days at 0.7870 marks solid support which is expected to hold and keep near-term bulls intact.
Otherwise, more downside risk for retest of 0.7807 pivot could be expected on violation of 0.7870.

Res: 0.7944; 0.7967; 0.8000; 0.8042
Sup: 0.7911; 0.7894; 0.7870; 0.7838