AUDUSD is forming a sideways consolidation in a range between 1.0225 and 1.0463. As long as 1.0463 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0855. Another fall to test 1.0225 would likely be seen later today, a breakdown below this level could signal resumption of the downtrend. On the upside, a break above 1.0451 will indicate that the fall from 1.0855 has completed at 1.0225 already then the following upward movement could bring price back to 1.0600-1.0700 area.

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