AUDUSD formed a cycle bottom at 0.9147 level on daily chart. Sideways consolidation in a range between 0.9147 and 0.9496 is expected next week. A break below 0.9147 will signal the resumption of the down trend, and then, deeper decline to retest 0.8512 previous low support could be seen. Key resistance is at 0.9496, only break of this level will indicate that the long term up trend is resumed.
For long term analysis, AUDUSD is forming a long term cycle top at 0.9496 level, key support is now at 0.9147, a break down of this level will confirm the cycle top. Sideways consolidation in a range between 0.8512 and 0.9496 could then be seen.
