AUDUSD stays in a upward price channel on daily chart, and remains in uptrend from 0.9581, and the fall from 1.0612 is treated as consolidation of the uptrend. Support is now located at the lower border of the channel, as long as the channel support holds, uptrend could be expected to resume, and one more rise to 1.0700 is still possible. However, a clear break below the lower line of the channel will indicate that a cycle top has been formed at 1.0612, and the uptrend from 0.9581 has completed, then the following downward movement could bring price back to 0.9800 area.
For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.0800 is expected over the next several months.
