AUDUSD is testing the support of the up trend line from 0.9327 to 0.9475. Deeper decline is still possible to test 0.9475 support. As long as 0.9475 level holds, we’d expect up trend to resume, and rebound towards 0.9849 previous high resistance could be seen. However, below 0.9475 is treated as resumption of long term down trend.
For long term analysis, AUDUSD is in long term up trend. As long as 0.8953 support holds, we’d expect up trend to continue and further rise to 1.0500 level is expected.
