AUDUSD is forming a cycle top at 0.8550 level on daily chart. Key support is at 0.8066, a breakdown below this level will confirm the cycle top and indicate that the downtrend from 1.9381 has resumed, then deeper decline could be seen to 0.7800 area. Only rise above 0.8550 resistance could suggest that the downtrend from 0.9381 has completed at 0.8066 already.
For long term analysis, AUDUSD has formed a cycle top at 0.9381 level on weekly chart. Deeper decline to 0.7500 to reach next cycle bottom is expected.
