AUDUSD’s upward movement from 0.9037 extends to as high as 0.9297. Further rise to test 0.9344 resistance is still possible, as long as this level holds, the rise could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), another fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9344 key resistance will suggest that the downtrend from 1.0582 had completed at 0.9037 already, then the following upward movement could bring price back to 0.9800 zone.
Provided by ForexCycle.com
