AUDUSD’s downward movement from 1.0582 extends to as low as 0.9528. Resistance is now at 0.9800, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.9400 area, only break above 0.9800 could signal completion of the downtrend.
For long term analysis, AUDUSD formed a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (Jul 27, 2011 high). Pullback to 0.9000 area could be expected over the next several weeks.
