AUDUSD break below 1.0167 support and reaches as low as 1.0149. deeper decline is still possible next week, and the target would be at 1.0000-1.0050 area. However, the price action from 1.0612 is treated as consolidation of the uptrend from 0.9581, another rise towards 1.1080 previous high resistance 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.
