AUD/USD's fall from 0.9504 resumed last week and accelerated after taking out 0.9236 support. The development confirmed head and shoulder reversal (ls: 0.9460, h: 0.9504, rs: 0.9401). Initial bias remains on the downside this week for 61.8% retracement of 0.8659 to 0.9504 at 0.8982. Sustained break there will bring retest of 0.8659 low. On the upside, break of 0.9236 support turned resistance is needed to confirm near term reversal. Otherwise, outlook will stay bearish in case of recovery.
From http://actionforex.com
From http://actionforex.com