AUDUSD remains in down trend, and the rise from 0.6008 is treated as correction to down trend. Further rise to test the key resistance at 0.7238 is possible. As long as this level holds, we’d expect down trend to resume and deeper decline is expected to 0.5700 zone. However, above 0.7238 key resistance will indicate that the a cycle bottom on daily chart has been form at 0.6008, and the fall from 0.8519 has completed.
For long term analysis, AUDUSD remains in long term bearish movement. Further fall towards 0.5500 zone is in favor in next several weeks.
