AUDUSD bounced strongly from 0.9663, and the rise extended to as high as 1.0327, suggesting that a cycle bottom had been formed on daily chart, and the fall from 1.0751 had completed. Further rise would likely be seen next week, and next target would be at 1.0600 area.
For long term analysis, AUDUSD had formed a cycle bottom at 0.9390 on weekly chart. Range trading between 0.9390 and 1.1080 is expected over the next several weeks.
