AUDUSD has formed a cycle bottom at 0.8771 level on daily chart. Now the bounce from 0.8771 could possibly be resumption of uptrend from 0.8066. Further rise towards 0.9849 (2008 high) would more likely be seen, however, a break above 0.9221 resistance is needed to confirm the resumption of uptrend. Key support is at 0.8771, only break below this level could bring price to range trading between 0.8066 and 0.9404.
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.
