AUDUSD remains in uptrend from 0.7703 and the fall from 0.8858 is more likely consolidation of uptrend. Near term support is at 0.8543, followed by the lower border of the rising price channel on daily chart now at 0.8450. Range trading between 0.8450 and 0.8858 could be seen in a couple of weeks. As long as the channel support holds, we’d expect uptrend to resume and further rise to 0.9000 is still possible.
For long term analysis, AUDUSD is in long term bullish movement. Further rise towards 0.9000-0.9500 area to reach next cycle top on weekly chart is possible in next several weeks.
