AUDUSD broke above 0.8405 key resistance, signifying that the down trend from 0.9849 has completed, and the rise from 0.7802 is now treated as resumption of up trend. Further rally towards 0.8800 is expected in next few days. Initial support is at 0.8200, as long as this level holds, up trend will continue.
For long term analysis, AUDUSD broke above 0.8405 key resistance and formed a cycle bottom at 0.7802 on weekly chart. Consolidation in a range between 0.7802 and 0.9849 could be seen in next few months.
