After touching 1.6012 resistance, AUDUSD pulled back from 1.0624, suggesting that lengthier consolidation of the uptrend from 0.9581 is underway. Deeper decline could be expected over the next several days, and the target would be at 1.0200 area. Resistance is at 1.0624, only break above this level could trigger another rise towards 1.1080 previous high.
For long term analysis, AUDUSD has formed a cycle bottom at 0.9581 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) previous high is expected over the next several months.
