After dipping to 0.9943, AUD/USD rebounded strongly from there. Recent outlook in AUD/USD has been quite mixed as it's been clearly losing upside momentum as seen in bearish divergence condition in daily MACD. Nevertheless, AUD/USD is still having strong support from 55 days EMA and refused to stay below this support for multiple attempt. Recent up trend would still continue further and above 1.0119 will target another high above 1.0254. On the downside, break of 0.9943 support is needed to be the first signal of topping. Otherwise, we won't turn bearish yet.

In the bigger picture, note that bearish divergence condition remains in daily and weekly MACD. Reversal should be imminent even if 1.0254 is not yet the major top. We'll continue to look for topping signal in case of another 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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