After touching 1.0167 support, AUDUSD rebounded from 1.0149, suggesting that a cycle bottom has been formed on daily chart. Further rise would likely be seen next week, and the target would be at 1.0450 area. However, the pair remains in consolidation of the uptrend from 0.9581, as long as 1.0624 previous high resistance holds, one more fall to 1.0000-1.0050 area to complete the consolidation is still possible, only a break above 1.0624 level could signal resumption of the uptrend.
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.
