AUDUSD remains in uptrend from 0.6284 and the price action from 0.7322 is more likely consolidation of the uptrend. Further rally is still possible to 0.7500-0.7600 area after consolidation. Key resistance is now located at 0.7322, a break above this level will indicate that a cycle bottom has been formed at 0.6952 level on daily chart.
For long term analysis, AUDUSD is in consolidation of the downtrend from 0.9849 (2008 high). Moving sideways in a range between 0.6000 and 0.8000 is expected.
