AUDUSD is forming a cycle bottom at 0.8512 on daily chart. Further rise towards 0.9018 previous high is possible after consolidation, a break above this level will confirm the cycle bottom, and rise to test the previous high resistance at 0.9398 is expected to follow. 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.
