AUDUSD breaks above 0.9252 resistance and reaches as high as 0.9328. Further rally to 0.9400 area to reach the next cycle top on daily chart is still possible in the next several days. As long as 0.9496 resistance holds, we’d expect down trend to resume. Key support is now located at 0.9031, a break below this level will signal the resumption of the down trend.
For long term analysis, AUDUSD formed a long term cycle top at 0.9496 on weekly chart. Sideways consolidation in a range between 0.8512 and 0.9496 could be seen.
