AUDUSD remains in downtrend from 0.9404 and the bounce from 0.8734 is treated as consolidation of downtrend. Resistance is located at the upper border of the falling price channel on daily chart. As long as the channel resistance holds, we’d expected downtrend to resume and another fall towards 0.8550-0.8600 area.
For long term analysis, AUDUSD has formed a cycle top at 0.9404 level on weekly chart. Fall towards 0.8500 area is expected in next several weeks.
