AUDUSD formed a cycle bottom at 0.8577 level on daily chart. Bounce to 0.9100-0.9150 area is expected after consolidation. Key support is now at 0.8577, only fall below this level will indicate that the downtrend from 1.9327 has resumed, then another downward movement could take price to 0.8000 area.
For long term analysis, AUDUSD might be forming a cycle bottom at 0.8577 level on weekly chart. Rise towards 0.9800 area is possible in next several weeks.
