No changed in our view, AUDUSD formed a cycle top at 0.7014 on daily chart. Pullback is expected to retest 0.6008 previous low support, a break down below this level will signal deeper decline towards 0.5500 zone. Key resistance is now located at 0.7014, above this level will indicate that the down trend from 0.9849 (July 15 high) has completed, and then rebound could be seen to 0.8000 level.
For long term analysis, AUDUSD remains in long term bearish movement. Further fall towards 0.5500 zone is in favor in next several weeks.
