AUDUSD’s fall from 1.0582 extends to as low as 0.9711. Further decline would likely be seen next week, and next target would be at 0.9500 area. Resistance is at 0.9900, 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.
