AUDUSD is consolidating above daily cloud base; near-term bias remains negative

The Aussie remains offered on Friday and capped under previous day’s high at 0.7860, keeping near-term risk at the downside.
Thursday’s strong downside rejection at significant support at 0.7800 (daily cloud base) left Doji candle with long tail which signals strong indecision of four-day bear-leg from 0.7973.
This may spark extended consolidation above cloud base on oversold slow stochastic on daily chart and end-of-week profit-taking, however, near-term bias is expected to stay with bears.
Initial resistance at 0.7860 is holding for now, with extended upticks to stay under the upper pivot at 0.7911 (daily cloud top).
Weekly close below 0.7820 (Fibo 38.2% of 0.7328/0.8124 upleg) would generate bearish signal for renewed attack at daily cloud base. Sustained break here is needed to signal bearish continuation of the downleg from 0.8124 towards next support at 0.7762 (rising 100SMA).
The pair is on track for the third straight bearish weekly close and also ending the second month in red that confirms short-term bearish stance.

Res: 0.7860; 0.7888; 0.7911; 0.7951
Sup: 0.7820; 0.7800; 0.7762; 0.7733