AUDUSD stays in a trading range between 0.6248 and 0.6849. Deeper decline would more likely be seen next week. Near term support is located at 0.6248, a break below this level will signal further fall to test 0.6008 (Oct 27, 2008 low) level. Near term resistance is at 0.6555, only rise above this level will take price back to test 0.6849 resistance.
For long term analysis, AUDUSD has formed a cycle top at 0.7267 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is expected in next several weeks.
