AUDUSD broke above 0.9100 and reached as high as 0.9236 level. Further rally to test previous high resistance at 0.9398 is expected. Near term support is at the up trend line from 0.8512 to 0.8922, as long as the trend line support holds, we’d expect up trend to continue. Key support is at 0.8873, only break of this level will indicate long term sideways consolidation in a range between 0.8512 and 0.9398 is underway, and delay the resumption of the long term up trend.
For long term analysis, AUDUSD is in consolidation to the long term up trend, Rise towards 1.0000 to reach the next cycle top on weekly chart is still possible after consolidation, and a break above 0.9398 level will signal the resumption of the long term up trend.
