AUDUSD formed a cycle top at 0.9496 level on daily chart. As long as the previous high resistance at 0.9496 holds, pullback to retest 0.8512 support is in favor, and a break down below 0.9127 level will confirm such case. Only break of 0.9496 resistance will indicate that the up trend from 0.9512 has resumed, and further rally to 0.9800 area is expected to follow.
For long term analysis, AUDUSD is forming a long term cycle top at 0.9496 level, key support is now at 0.9127, 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.
