Being contained by the support of the lower line of the price channel on 4-hour chart, AUDUSD rebounded from 1.0287, suggesting that a cycle bottom has been formed on daily chart. Now the rise from 1.0287 is likely resumption of the uptrend from 1.0149, further rise could be expected next week, and next target would be at the upper line of the channel. Key support is at 1.0287, only break below this level could signal completion of the uptrend from 1.0149.
For long term analysis, AUDUSD has formed a cycle top at 1.0624 on weekly chart. Further decline to 0.9800 area could be expected over the next several weeks.
