AUDUSD rebounded from 0.7900 and is testing the resistance of the down trend line. Break of the trend line resistance will signal further rally to test the key resistance at 0.8353 level. As long as 0.8353 resistance holds, we’d expect down trend to resume and deeper decline is still possible to 1.7800 level. However, rise above 0.8353 will indicate that the down trend from 0.9849 has completed and further rally could be seen to 0.8650 zone.
For long term analysis, AUDUSD is in long term bearish movement. Further fall towards 0.7800 to reach the next cycle bottom on weekly chart is in favor.
