AUDUSD has formed a cycle top at 1.0624 on daily chart. Further decline would likely be seen next week, and the target would be at 1.0200 area. However, the price action from 1.0612 is treated as consolidation of the uptrend from 0.9581, and another rise towards 1.1080 is still possible after consolidation.
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.
