AUDUSD formed a short term cycle top at 0.9541. The fall from 0.9541 could possibly be resumption of the down trend and a break of 0.9290 level will confirm such case. Initial resistance is now at 0.9541, only rise above this level will indicate that the up trend from 0.8953 (Mar 20 low) is underway, and then further rally towards 0.9600 is expected to follow.
http://blog.forexcycle.com/755/daily...is-may-1-2008/