AUDUSD is in down trend and dropped sharply from 0.9849 to 0.8591 level. Further fall to test 0.8512 (Jan 22 low) support is possible next week. Initial resistance is now at 0.8890, as long as this resistance holds, we’d expect down trend to continue.
For long term analysis, AUDUSD broke below 0.9327 key support and formed a cycle top at 0.9849 on weekly chart. Deeper decline towards 0.8400 is expected.
