AUDUSD remains in downtrend from 1.0582, the rise from 1.0220 is treated as consolidation of the downtrend. Resistance is at 1.0400, as long as this level holds, the downtrend could be expected to resume, another fall towards 1.0000 could be expected after consolidation. On the upside, a break above 1.0400 will indicate that the fall from 1.0582 had completed at 1.0220 already, then further rise to test 1.0597 resistance could be seen.
For long term analysis, AUDUSD is forming a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (Jul 27, 2011 high). Pullback to 1.0000 area could be expected over the next several weeks.
