AUDUSD may be forming a cycle bottom at 0.9704 level on daily chart. Further rise towards 1.0255 previous high would likely be seen in a couple of weeks, a break above this level will indicate that the uptrend from 0.8066 (May 25, 2010 low) has resumed, then next target would be at 1.0500.
For long term analysis, AUDUSD had formed a cycle bottom at 0.9537 level on weekly chart. Further rise to 1.1000 area is expected in next several weeks.
