AUDUSD stays in a trading range between 0.7827 and 0.8263. The price action in the trading range is treated as consolidation of uptrend from 0.6284. One more rise towards 0.8500 would more likely be seen after consolidation and a break above 0.8263 will confirm the resumption of uptrend. Initial support is at the rising trend line on daily chart, as long as the trend line support holds, we’d expect the uptrend to continue.
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.
