Being contained by the support of the rising trend line on daily chart, AUDUSD rebounds from 0.7789 level. Range trading between 0.7789 and 0.8263 is expected next week. However, the price action in the trading range is more likely consolidation of uptrend from 0.6284. One more rise towards 0.8500 is still possible after consolidation and a break above 0.8263 will signal the resumption of uptrend. Near term 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.
