AUDUSD Outlook 28012013

AUD/USD's sharp decline last week suggested that the choppy rise from 1.0148 has finished at 1.0597 already. Initial bias remains on the downside this week for 1.0345 support first. Break will confirm this bearish case and should target 1.0154 support and below. On the upside, above 1.0467 will turn bias neutral again. But after all, choppy rebound from 1.0148 is viewed as a corrective move and even in case of another rise, we'd expect strong resistance below 1.0624 to limit upside and bring another decline.

Last week Below