AUDUSD failed to test 0.7238 key resistance and pulls back sharply from 0.7237 level, suggesting that a short term cycle top has been formed on 4-hour chart. Deeper decline is expected to test 0.6952 previous low support, a break below this level will indicate that the medium term uptrend from 0.6284 (Mar 4 low) has completed at 0.7322 already, and then further fall towards 0.6800 could be seen to follow.
