AUDUSD is forming a sideways consolidation in a range between 0.6008 and 0.7238. As long as 0.7238 resistance holds, we’d expect down trend to resume and deeper decline is still possible to 0.5700 zone. However, above 0.7238 will indicate that the down trend from 0.9849 has completed.
For long term analysis, AUDUSD remains in long term bearish movement. Further fall towards 0.5500 zone is in favor in next several weeks.
