AUDUSD had formed a cycle top at 1.0496 on daily chart. However, the fall from 1.0496 is likely correction of the uptrend from 1.0115, pullback to 1.0200 – 1.0300 area to complete the correction could be expected next week. Resistance is at 1.0496, a break above this level will indicate that the uptrend from 1.0115 has resumed, then another rise to 1.0700 area could be seen.
For long term analysis, AUDUSD has formed a cycle bottom at 1.0115 on weekly chart. Further rise towards 1.1080 (Jul 27, 2011 high) could be expected over the next several months.
