AUDUSD formed a cycle top at 0.6849 level on daily chart. However, range trading between 0.6248 and 0.7267 is expected and rebound towards 0.7100 zone would more likely be seen in a couple of weeks. Near term support is located at 0.6248, below this level signal further fall to test 0.6008 (Oct 27, 2008 low) support.
For long term analysis, AUDUSD has formed a cycle top at 0.7267 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is expected in next several weeks.
