AUDUSD’s downward movement from 1.0597 extends to as low as 1.0115. Further decline would likely be seen and next target would be at 1.0000 area. Key resistance is at 1.0400, only break above this level 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.
