After breaking above 0.8858 resistance, AUDUSD pulled back from 0.8870 level, suggesting that a cycle top is being formed on daily chart. Deeper decline to 0.8400 area would more likely be seen in a couple of weeks. Resistance is now at 0.8870, only break above this level could trigger another rise to 0.9000 area.
For long term analysis, AUDUSD has formed a cycle bottom at 0.8066 level on weekly chart. Rise towards 0.9404 (2009 high) is expected in next several weeks.
