AUDUSD’s bounce from 0.8734 extended to as high as 0.9327 level. Further rally to test 0.9404 resistance is still possible next week. However, pullback would more likely be seen before breaking above this level. Support level is located at 1.0120, a breakdown below this level will indicate that a cycle top has been formed on daily chart, then another fall towards 0.8734 could be seen.
For long term analysis, AUDUSD has formed a cycle top at 0.9404 level on weekly chart. Fall towards 0.8500 area is expected in next several weeks.
