AUD/USD has breached its strong resistance at 0.9345, but has thus far failed to make a daily close above it. Monitor the short-term horizontal range between 0.9224 and 0.9394. Another resistance is at 0.9666.
In the long-term, the break of the strong support at 0.9388 (04/10/2011 low) opens the way for a further medium-term decline, whose potential downside risk lies near the key support at 0.8067 (28/05/2010 low). However, we keep in mind that if the key resistance at 0.9345 were to be decisively broken, we would have to reassess our outlook.