AUDUSD’s downward movement from 1.0597 extends to as low as 1.0254. Further decline is still possible next week, and next target would be at 1.0100 area. Resistance is at the downward trend line on daily chart, only a clear break above the trend line resistance could signal completion of the downtrend.
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). Another rise towards 1.1080 previous high would likely be seen over the next several months.
