AUDUSD broke below 0.8551 previous low and rebounded sharply from 0.8512, further rise to test the resistance at 0.9018 previous high is still possible, and a break above 0.8818 (high of this week) level will signal the resumption of the up trend. Near term support is at 0.8512, only break down below this level will indicate lengthier correction to the long term up trend.
For long term analysis, AUDUSD is in consolidation to the long term up trend, Rise towards 1.0000 to reach the next cycle top on weekly chart is still possible after consolidation, and a break above 0.9398 level will signal the resumption of the long term up trend.
