Being supported by the lower border of the price channel on daily chart, AUDUSD bounced from 0.9001, suggesting that a cycle bottom is being formed. Another rise towards 0.9404 previous high is expected in a couple of weeks. Support remains at the lower border of the price channel, and key support is now located at 0.9001, below this level could take price back towards 0.8577 previous low.
For long term analysis, AUDUSD formed a cycle bottom at 0.8577 level on weekly chart. Rise towards 0.9800 area is possible in next several weeks.
