AUD/USD's rebound from 0.9803 extended further to as high as 1.0199 last week before forming a temporary top there and retreated. The break of 1.0075 resistance suggests that pull back from 1.0254 is finished. Initial bias is neutral this week and some consolidations might be seen. But downside should be contained by 1.0055 support and bring another rise. Above 1.0199 will target upper trend line resistance at 1.0296 next. Nevertheless, break of 1.0055 will flip bias back to the downside for 0.9803/9831 support zone instead.

In the bigger picture, the break of 1.0075 minor resistance argues that 1.0254 is not the medium term top yet. Nevertheless, note that bearish divergence condition remains in daily and weekly MACD. Reversal should be imminent. We'll continue to look for topping signal on next rise. On the downside break of 0.9803 support will now be an early signal of medium term reversal and will turn focus to 0.9536 support for confirmation.

In the longer term picture, long term up trend from 0.4773 (01 low) is still in progress and would possibly target 100% projection of 0.4773 to 0.9849 from 0.6008 at 1.1084.

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