By | May 05 2012 4:08 PM

AUD/USD's consolidation from 1.0225 completed with three waves to 1.0473 and last week's break of 1.0225 confirmed resumption of whole decline from 1.0852. Initial bias remains on the downside this week for 61.8% projection of 1.0852 to 1.0225 from 1.0473 at 1.0086 first and then 100% projection at 0.9846. On the upside, above 1.0277 minor resistance will turn bias neutral and bring consolidations. But recovery would be limited well below 1.0473 resistance and bring fall resumption.