AUD/USD rises further to 0.7159 today and break of 0.7140 confirms that rise from 0.6075 is resuming. At this point, intraday bias remains on the upside as long as 0.7041 minor support holds and further rally could be seen towards 38.2% retracement of 0.9849 to 0.6008 at 0.7475. Nevertheless, as mentioned before, rise from 0.6075 is treated as third leg of consolidation from 0.6008 and therefore should be limited by 0.7475 fibo resistance and bring medium term down trend resumption. On the downside, below 0.7041 will turn intraday outlook neutral first. Further break of 0.6760 support will be an early alert that such consolidation has completed and will turn short term outlook bearish for a retest of 0.6008 low.
In the bigger picture, whole fall from 0.9849 made a bottom at 0.6008 and turned into sideway consolidation since then. However, note that the impulsive nature of the fall from 0.9849 to 0.6008 indicate that price actions from 0.6008 is developing into correction/consolidation only. The long term down trend is still expected to resume after completing the consolidation. Sustained break of 0.6008 will indicate that the down trend from 0.9849 has resumed for at least another five wave medium term decline, targeting 0.4773 (01 low). But, note that as long as 0.6008 low holds, consolidation from could still extend further. Above 0.7140 will target 38.2% retracement of 0.9849 to 0.6008 at 0.7475 before completing the consolidation.
http://www.actionforex.com/images/stories/contributors/actionforex/audusd20090105a.gif ONLOAD=resizeImg(this,486) class=hand >