AUDUSD formed a cycle bottom at 0.6008 on daily chart. Further rise to test 0.7238 resistance is still possible next week. As long as this level holds, the rise from 0.6008 is treated as consolidation to down trend, and deeper decline is expected to 0.5500 zone. However, above 0.7238 level will indicate that the down trend from 0.9849 (July 15 high) 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.
