AUD/USD's rally extended further to as high as 1.0687 last week. Further rise is expected with 1.0444 support intact and AUD/USD should target 1.0752 next. Break there will be the first sign of up trend resumption and should target a test on 1.1079 high. Nonetheless, note that AUD/USD is still bounded in range of 0.9387/1.1079. Break of 1.0444 support will argue that rebound from 0.96662 is finished and another falling leg inside the consolidation pattern could have started for the lower side of the range.

In the bigger picture, the up trend from 0.6008 (2008 low) is still intact. Price actions from 1.1079 are treated as consolidation in the up trend only. In any case, with 0.9387 support intact, an eventual upside break out is 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.