AUDUSD remains in downtrend from 0.9317, the rise from 0.8847 is likely consolidation of the downtrend. Resistance is at 0.9060, as long as this level holds, the downtrend could be expected to resume, and another fall to 0.8800 area is still possible. On the upside, a break above 0.9060 resistance will indicate that lengthier consolidation of the longer term downtrend from 1.0582 (Apr 11 high) is underway, then further rally to 0.9150 – 0.9200 area could be seen.
Provided by ForexCycle.com