AUDUSD had formed a cycle bottom at 1.0390 on daily chart. The rise from 1.0390 is likely resumption of long term uptrend from 0.8066 (2010 low). Further rise to test 1.1011 previous high resistance is expected next week, a break above this level will signal resumption of the long term uptrend, then next target would be at 1.2000 area.
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.
