AUDUSD is forming a cycle bottom at 0.7827 level on daily chart. Range trading between 0.7827 and 0.8263 is expected next week. The price action in the trading range will be treated as consolidation of uptrend from 0.6284. Further rally towards 0.8500 would more likely be seen after consolidation, and a break above 0.8263 will confirm the resumption of uptrend. Near term support is at 0.7827, and key support is at the rising trend line on daily chart. A clear break below the trend line support will suggest that the rise from 0.6284 has completed at 0.8263 level already.
For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8300-0.8500 area is expected.
