AUDUSD’s uptrend from 0.9861 extended to as high as 1.0844, the subsequent pullback is treated as consolidation of the uptrend. Key support is at 1.0525, as long as this level holds, one more rise to 1.0900-1.1000 area is still possible next week. On the downside, a breakdown below 1.0525 will indicate that a cycle top has been formed at 1.0844 on daily chart, and the rise from 0.9861 has completed, then the following downward movement could bring price back to 1.0000 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 months.
