Being contained by 1.0597 resistance, AUDUSD pulled back from 1.0582, suggesting that lengthier sideways movement in a range between 1.0115 and 1.0624 (Sep 14, 2012 high) is underway. Further decline is still possible, and next target would be at 1.0150 area. Resistance is at 1.0400, only break above this level could trigger another rise to re-test 1.0597 resistance.
For long term analysis, AUDUSD had formed a cycle top at 1.0582 on weekly chart. Further decline towards 1.0000 area could be expected over the next several weeks.
