AUDUSD failed to break below 0.9390 (Oct 4, 2011 low), and rebounds from 0.9581, suggesting that a cycle bottom has been formed on daily chart. Further rise to test 1.0150 key resistance would likely be seen next week, a break above this level will confirm that the downward movement from 1.0855 has completed at 0.9581 already, then the following upward movement could bring price back to 1.0600-1.0700 area.
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.
