AUDUSD might be forming a cycle top at 0.7709 level on daily chart. Pullback to test the support of the rising trend line is possible next week. However, the fall from 0.7709 is treated as consolidation of uptrend from 0.6284, as long as the trend line support holds, we’d expect the uptrend to resume and further rally is still possible after consolidation.
For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8000-0.8300 area is expected.
