AUDUSD stays within a upward price channel on daily chart, and remains in uptrend from 1.0149. Support is located at the lower line of the channel, as long as the channel support holds, the fall from 1.0480 could be treated as consolidation of the uptrend from 1.0149, another rise could be expected after consolidation.On the downside, a clear break below the channel support will indicate that the uptrend from 1.0149 had completed at 1.0480 already, then deeper decline towards 1.0000 could be seen.

For long term analysis, AUDUSD has formed a cycle top at 1.0624 on weekly chart. Further decline to 0.9800 area could be expected over the next several weeks.

audusd daily chart