AUDUSD has formed a cycle top at 0.9221 level on daily chart. Further decline is expected in next several days, and target would be at 0.8700 area. However, the fall from 0.9221 is treated as correction of uptrend from 0.8066, one more rise towards 0.9849 (2008 high) is still possible after correction.
For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9849 (2008 high) is expected in next several weeks.
