By: Forex Cycle
AUD/USD break above 0.7617 key resistance, suggesting that a cycle bottom has been formed at 0.7450 level on 4-hour chart and the fall from 0.7709 has completed. Further rally to test 0.7709 previous high resistance is expected later today. A break of this level will indicate that the uptrend from 0.6952 (Apr 20 low) has resumed, and then further rise could be seen to 0.8000 zone. However, as long as 0.7709 resistance holds, the price action below this level is treated as consolidation of uptrend, one more fall below 0.7450 to complete the consolidation is still possible.
