AUDUSD breaks below 0.8734 support and reaches as low as 0.8577 level. Deeper decline is still possible next week and target would be at 0.8500 area. However, next cycle bottom on daily chart is nearing and bounce towards 0.9000 may be expected after touching 0.8500 level.
For long term analysis, AUDUSD has formed a cycle top at 0.9404 level on weekly chart. Fall towards 0.8500 area is expected.
