After touching the upper border of the rising price channel on daily chart, AUDUSD pulled back from 0.9326, suggesting that a cycle top has been formed. Range trading between 0.8567 and 0.9326 is expected. Key support is now located at 0.8567, a break below this level will indicate that the uptrend from 0.6248 (Feb 2 low) has completed at 0.9326 level already.
For long term analysis, AUDUSD is in long term bullish movement. Further rise towards 0.9300-0.9500 area to reach next cycle top on weekly chart is still possible in next several weeks.
