AUDUSD breaks above 1.0585 previous high resistance, suggest that the uptrend from 1.0149 has resumed. Further rise could be expected and next target would be at 1.0700 area. Support is at 1.0470, only break below this level could trigger another fall to 1.0400 area.
For long term analysis, AUDUSD is forming a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (July 27, 2011 high). Further rise towards 1.1080 previous high would likely be seen over the next several months.
