AUDUSD’s rise extended to as high as 1.0798. Further rise towards 1.1011 previous high is still possible after a minor consolidation, a break above this level will target 1.2000 area. Key support is at 1.0525, only break below this level could indicate that a cycle top has been formed at 1.0798 on daily chart, then another fall towards 1.0000 could be seen.
For long term analysis, AUDUSD may be forming a cycle bottom at 1.0390 on weekly chart. Key resistance is at 1.1011, a break above this level will target 1.2000 area.
