AUDUSD traded in a range between 0.8591 and 0.8812. Deeper decline to test 0.8512 (Jan 22 low) support is still possible after breaking below 0.8591 level. If 0.8512 support gives way, next target would be at 0.8200. Initial resistance is now at 0.8812 and followed by 0.8890, only rise above 0.8812 will signal lengthier consolidation to down trend.
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.
