AUDUSD continues its downward movement from 1.0582, and the fall extends to as low as 0.9326. Further decline is still possible after a minor consolidation, and next target would be at 0.9200 area. Key resistance is at 0.9800, only break above this level will indicate that the downtrend from 1.0582 had completed at 0.9326 already, then the following upward movement could bring price back to 1.0700 zone.
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). Deeper decline to 0.9000 area could be expected over the next several weeks.
