AUDUSD breaks above the key resistance at 0.6729, suggesting that a cycle bottom has been formed at 0.6248 on daily chart. Further rise is now in favor, and the target would be at 0.7100 zone. Key support is now at 0.6248, only fall below this level will signal resumption of the downtrend from 0.7267.
For long term analysis, AUDUSD formed a cycle bottom at 0.6008 level on weekly chart. Consolidation in a range between 0.6008 and 0.7500 is possible in next several weeks.
