AUD/USD's sharp decline last week indicates that rebound from 0.9663 is finished at 1.0377 already. Deeper fall remains in favor with 1.0047 minor resistance intact and below 0.9866 would likely extend the decline from 1.0752 to test on 0.9387 support. On the upside, though, above 1.0047 will flip bias back to the upside for 1.0377 instead. Break there will turn focus back to 1.0752.

In the bigger picture, firstly, the up trend from 0.6008 (2008 low) is still intact. Current development argues that consolidation pattern from 1.1079 might extend further. But in any case, with 0.9387 support intact, an eventual upside break out is still anticipated, for a new 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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