AUDUSD breaks above the downward trend line on daily chart, suggesting that a cycle bottom is being form at 1.0225. Further rise is still possible next week, and the target would be at 1.0550 area. However, the rise from 1.0225 is treated as correction of the downtrend from 1.0855, another fall towards 0.9500 is still possible after correction.
For long term analysis, AUDUSD has formed a cycle top at 1.0855 on weekly chart. Range trading between 0.9390 and 1.1080 is expected over the next several months.
