AUDUSD may be forming a cycle top at 1.0496 on daily chart. Pullback to 1.0200 – 1.0300 area would likely be seen in a couple of weeks. However, the fall from 1.0496 would possibly be correction of the uptrend from 1.0115, another rise to 1.0800 area is still possible after correction, and a break above 1.0496 resistance could signal resumption of the uptrend.
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.
