AUDUSD breaks below 1.0225 previous low support, suggesting that a cycle top has been formed at 1.0474 on daily chart, and the downtrend from 1.0855 has resumed. Further decline could be expected in a couple of weeks, and next target would be at 0.9800-0.9900 area. Key resistance is now at 1.0474, only break above this level could signal completion of the downtrend.
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.
