AUDUSD is testing 0.8477 previous high resistance, a break above this level will suggest that the uptrend from 0.6248 has resumed, and then further rally could be seen to 0.8600 zone. As long as 0.8477 resistance holds, we’d expect another fall to test the key support at 0.8155, below this level will indicate that a cycle top has been formed at 0.8477 level on daily chart, then deeper decline is could be seen to 0.7900-0.7950 area.
For long term analysis, AUDUSD has formed a cycle bottom at 0.6008 (2008 low) level on monthly chart. Further rise to 0.8300-0.8600 area is still possible.
