AUDUSD rebounds from 0.7703. Further rally is expected to test the resistance of the upper border of the price channel, a clear break above the channel resistance will indicate that a cycle bottom has been formed at 0.7703 level on daily chart, and the uptrend from 1.6248 has resumed, then further rise could be seen to 0.8500 zone.
For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8300-0.8500 area is still possible.
