AUDUSD has formed a cycle top at 1.0527

AUDUSD has formed a cycle top at 1.0527 on 4-hour chart. Pullback to 1.0420 area would likely be seen. Key support is at 1.0344, as long as this level holds, the fall could be treated as correction of the uptrend from 1.0344, another rise to test 1.0585 resistance is still possible. On the downside, a breakdown below 1.0344 will signal resumption of the downtrend from 1.0585, then further decline to 1.0200 area to complete the downward movement could be expected.

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