AUDUSD traded in a range between 0.8066 and 0.8550. Key resistance is at 0.8550, as long as this level holds, the price action in the range is treated as consolidation of downtrend and another fall towards 0.7500 is still possible after consolidation. However, a break above 0.8550 will indicate that the fall from 0.9381 has completed at 0.8066 already, then further rise could be seen to 0.9000 area.
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.
