AUDUSD has formed a cycle bottom at 1.0225 on daily chart. Further rally would likely be seen next week, and next target would be at 1.0600 area. However, the rise from 1.0225 is treated as correction of the downtrend from 1.0855, and 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.
