AUDUSD’s downward movement from 1.0582 extends to as low as 0.9961. Further decline could be expected after a minor consolidation, and next target would be at 0.9700 area. Resistance is at 1.0150, as long as this level holds, the downtrend will continue.
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 0.9500 area could be expected over the next several weeks.
