AUDUSD broke above the upper border of the falling price channel on daily chart, suggesting that a cycle bottom has been formed at 0.8734 level and the fall from 0.9404 has completed. Further rally to re-test 0.9404 previous high resistance is still possible next week, however, next cycle top is nearing, minor consolidation would more likely be seen before breaking above this level. Key support is located at 0.9100, below this level will indicate that a cycle top has been formed, then the following pullback could be seen to 0.8940 or even lower.
For long term analysis, AUDUSD has formed a cycle top at 0.9404 level on weekly chart. Fall towards 0.8500 area is expected in next several weeks.
