AUDUSD broke below the trading range between 0.8577 and 0.9404, and reached as low as 0.8071 level. Deeper decline is still possible after a minor consolidation and next target would be at 0.7800 area. Resistance is now at 0.8400 followed by 0.8500, as long as these levels hold, downtrend could be expected to continue.
For long term analysis, AUDUSD broke below 0.8577 previous low, suggesting that a cycle top had been formed at 0.9381 level on weekly chart. Deeper decline to 0.7500 to reach next cycle bottom is expected.
