by: ForexCycle
AUDUSD might be forming a short term cycle bottom at 0.6952 level on 4-hour chart. Range trading between 0.6952 and 0.7180 is expected in a couple of days. However, the price action from 0.6952 is more likely consolidation of the downtrend from 0.7322, further fall is possible after consolidation, and a break below 0.6952 will signal deeper decline to 0.6800 zone. Near term resistance is at 0.7129 followed by 0.7180, and the key resistance is now located at 0.7238, above this level will indicate that the price action from 0.7322 is consolidation of the medium term uptrend from 0.6284 (Mar 4 low), and further rally could be seen to 0.7500 or even higher after consolidation.
