AUDUSD - Still Short - Failed to break key resistance

On our previous analysis we indicated that we were short AUDUSD whilst the currency pair hadn't consolidated above key resistance at 0.703. AUDUSD has effectively dropped sharply in the past few trading session due to tensions in the Middle East and subsequent fears on the impact this will have on the global economy. Additionally, China PMI came in at 52.5 vs 53.2 forecast and therefore overall we expect the currency pair the resume it's long term downtrend and eventually again challenge 0.67.