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.

Other Resources:
 
1) AUD/USD daily technical analysis for the daily technical analysis update for the price action of Aussie versus US dollar.
 
2) Weekly outlook of AUD/USD for the overall outlook of AUDUSD considering various aspects including the fundamental factors.

3) Fundamental outlook of AUD/USD for the relative strengths of the recent economic releases from the U.S. and Australia.

4) Technical outlook of AUD/USD to check on the status of various technical indicators.

5) GBP/USD Outlook and forecast for the overall outlook of GBPUSD considering various aspects including the fundamental factors..

6) USD/JPY outlook and forecast for the overall outlook and expected resistances and support levels for USDPY considering various aspects including the fundamental factors..

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