Reactions of trends and resistance levels

AUDUSD has now reached the key level 0.80600 again, the highest point for this pair since May 2016. Made clearer on the daily chart, price did not idle at this point. Price reached the weekly key level and formed a pinbar showing how strong this level is. The confluence is solid for bearish momentum. Price is now in a consolidation phase reacting strongly to 0.79700 support level. I don’t believe price will stay surrounding this level for long so I see a downside break coming soon. For confirmation, I am waiting for a clear break of the support with a possible retracement before heading down to level 0.78300.