AUDUSD stays in a upward price channel on daily chart, and remains in uptrend from 0.9861, the price action from 1.0844 could be treated as consolidation of the uptrend. Another rise towards 1.1080 previous high is still possible after consolidation. Key support is at 1.0600, a breakdown below this level will indicate that a cycle top has been formed at 1.0844, and the rise from 0.9861 has completed, then the following downward movement could bring price back to 0.9500 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.
