Overall near-term outlook for AUDUSD remains bearish but the loss of momentum during past 3 trading days indicate some possibilities of some extended sideways move and even some upward consolidation before another fall takes place.
On the upside we expect a minor resistance near May 24th’s high of 0.9814 and with a break of that near 0.9935 (May 22nd). This level is also not only the 22-day EMA resistance but also the resistance of the upper trend line of the previous falling channel. Any break above this would make the short-term outlook a bit neutral to expect further upward consolidation to test the psychological resistance of 1.0000 and then possibly 1.0140 or slightly above the 55-day EMA resistance.
With the above resistances holding good we expect deeper move towards the low and support level of November 23, 2011 i.e. 0.9664 and if a break of that takes place then AUD/USD should try to test the psychological support of 0.9500 and a break of that support may bring further downward move towards the next support zone of 0.9420/0.9440 and then possibly towards the low of October 2nd of last year i.e. 0.9388.
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