AUDUSD may be forming a cycle bottom at 0.9803 level on daily chart. Key resistance is at 1.0076, a break above this level will confirm the cycle bottom, then rise towards 1.0500 area could be seen. Support is at 0.9803, only break below this level could indicate that lengthier consolidation of uptrend is underway, then another fall to 0.9600 area could be seen.
For long term analysis, AUDUSD had formed a cycle bottom at 0.9537 level on weekly chart. Further rise to 1.1000 area is expected in next several weeks.
