AUDUSD in moving to next short term cycle top on 4-hour chart. As long as 0.7960 support holds, we’d expect uptrend from 0.7703 to continue and target is to test 0.8155 previous high resistance, above this level will indicate that the medium term uptrend from 0.6248 has resumed. However, a break below 0.7960 level will suggests that a cycle top has been formed and the short term uptrend from 0.7703 has completed, then deeper decline could be seen to 0.7800-0.7850 area.
