Being contained by the previous high resistance at 0.7267, AUDUSD formed a sideways consolidation in a narrow range between 0.7032 and 0.7227. Further rise is still in favor after consolidation, and the next target is at 0.7500 zone. Initial support is at 0.7032 and followed by 0.6768, only fall below 0.6768 level will indicate that the rise from 0.6284 has completed.
For long term analysis, AUDUSD is in consolidation of the downtrend from 0.9849 (2008 high). Moving sideways in a range between 0.6000 and 0.7500 is expected.
