AUDUSD has formed a cycle bottom at 1.0344 on daily chart. Further rise to test 1.0585 resistance would likely be seen, a break above this level will signal resumption of the uptrend from 1.0149, then next target would be at 1.0750 area. On the downside, a breakdown below 1.0344 will confirm that the upward movement form 1.0149 has completed at 1.0585 already, then the following downward movement could bring price back to 1.0000-1.0100 area.
For long term analysis, AUDUSD is forming a sideways consolidation in a range between 0.9390 (Oct 4, 2011 low) and 1.1080 (July 27, 2011 high). Further rise towards 1.1080 previous high would likely be seen over the next several months.
