AUDUSD’s down trend resumed and the fall from 0.9849 extended further to as low as 0.8493 level. Deeper decline is still possible to 0.8400 level in a couple of days. Key resistance is now located at 0.8812, above this level will signal reversal to down trend, and then rebound towards 0.9000 could be seen.
For long term analysis, AUDUSD broke below 0.9327 key support and formed a cycle top at 0.9849 on weekly chart. Deeper decline towards 0.8400 is expected.
