AUDUSD bounce strongly from 1.0390 and reached as high as 1.0789, suggesting that a cycle bottom had been formed. Now the rise would possibly be resumption of long term uptrend from 0.8066 (2010 low), further rise to test 1.1011 previous high resistance could be seen, a break above this level will signal resumption of the long term uptrend.
For long term analysis, AUDUSD may be forming a cycle bottom at 1.0390 on weekly chart. Key resistance is at 1.1011, a break above this level will target 1.2000 area.
