AUDUSD – Pressure remains on 1.0150

A larger corrective downtrend started from 1.1085 (July’11 high), appears to be still in force for AUDUSD which may be a large triangle consolidation in a range between 1.0860 and 0.9580 ( Alt- double zigzag corrective swing,
which allows for a retest of the Oct’11 swing low at 0.9390 on multi-month basis). A break below 0.9580/0.9390 deepens the correction toward 0.9145. A break above 1.0860 would expose the 1.1000/1.1085 resistance in a complex wave B.

The corrective strength from 1.0150 has failed at 1.0415. Immediate term strength from 1.0235 is likely to be capped under 1.0340/1.0360. A break below 1.0235/1.0150 would extend the downtrend toward the strong 1.0100/0.9970 support where a stabilisation attempt may emerge. A reversal above 1.0415 however would refocus on tough 1.0475/1.0625 resistance.