By | January 31 2010 2:34 AM

AUD/USD's decline from 0.9327 continued last week and reached as low as 0.8832 so far. Initial bias remains on the downside this week as long as 0.8961 minor resistance holds and further fall should be seen to retest 0.8734 support. Break there will indicate that whole decline from 0.9404 has resumed and should target medium term fibonacci level at 23.6% retracement of 0.6008 to 0.9404 at 0.8603. On the upside, though, above 0.8961 will argue that a short term bottom is formed and will flip intraday bias back to the upside for stronger rebound.