AUD/USD rebounded strongly to as high as 1.0328 last week before forming a temporary top there and turned sideway. While some more consolidations could be seen, rise from 0.9663 is expected to resume sooner or later as long as 0.9942 minor support holds. Above 1.0328 should turn bias back to the upside for 1.0752 resistance first. Nonetheless, below 0.9942 will flip bias back to the downside and would resume the fall from 1.0752 to 0.9387 low.

In the bigger picture, firstly, the up trend from 0.6008 (2008 low) is still intact. Correction from 1.1079 might be finished at 0.9387 after drawing support from the long term channel. But near term price actions remain volatile and did nothing to confirm the bullish case yet. Hence, we'd stay neural first and wouldn't rule out more range trading between 0.9387 and 1.1079. An eventual upside break out is anticipated though, for a near high above 1.1079. However, break of 0.9387 would possibly bring deeper pull back towards 0.8066 key support before the long term up trend finally resumes.

In the longer term picture, whole up trend from 0.4773 (01 low) extended to a point where it just missed 100% projection of 0.4773 to 0.9849 from 0.6008 at 1.1084. At this point, there is still prospect for a lengthier medium term consolidation. But there is no indication of long term reversal yet. We'll stay bullish as long as 0.8066 support holds and expect an eventual break of 1.1084 to 138.2% projection at 1.3023, which is close to 1.3 psychological level, in the long term.

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