AUDUSD breaks above 1.0400 key resistance and reaches as high as 1.0413, suggesting that the downtrend from 1.0597 had completed at 1.0115 already. Further rise could be seen over the next several days, and next target would be at 1.0500 area. Support is at 1.0300, as long as this level holds, the uptrend from 1.0115 will continue.
For long term analysis, AUDUSD has formed a cycle bottom at 1.0115 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) could be expected over the next several months.
