AUDUSD dropped sharply from 0.9849 to as low as 0.8666 level. Further fall to test 0.8512 (Jan 22 low) support is possible in next few days. Initial resistance is located at 0.8955 level, and as long as this resistance holds, we’d expect down trend to continue.
For long term analysis, AUDUSD broke below 0.9327 key support and formed a cycle top at 0.9849 on weekly chart. Deeper decline to 0.8700 is expected.
