AUDUSD breaks below the lower line of the price channel on daily chart, suggesting that a cycle top has been formed at 1.0585, and the uptrend from 1.0149 has completed. Further decline could be expected next week, and next target would be at 1.0250 area. Key resistance is at 1.0585, only break above this level could signal resumption of the uptrend.
For long term analysis, AUDUSD is forming a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (July 27, 2011 high). Further rise towards 1.1080 previous high would likely be seen over the next several weeks.
