AUD/USD rises further to as high as 1.0487 last week and rebound from 0.9663 continued. Upside momentum is not too strong yet. But in any case, further rise is still expected as long as 1.0354 minor support holds. Current rise is expected to continue to 100% projection of 0.9663 to 1.0377 from 0.9860 at 1.0574. Though, break of 1.0354 minor support will flip bias back to the downside for 1.0148 support. Break there will indicate that rise from 0.9860, as well as that from 0.9663, are finished and would bring deeper fall.

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 anticipated. Decisive break of 1.0752 resistance will be the first signal of up trend resumption and should send AUD/USD through 1.1079 high. 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.