AUD/USD rebounded stronger after initial fall to 1.0422 last week. Considering bullish convergence condition in 4 hours MACD, a short term bottom is in place and initial bias is neutral this week. At this point, we'd still favor another fall as long as 1.0669 resistance holds. Below 1.0422 will further affirm the case that another falling leg inside the consolidation pattern from 1.1079 has started and should target 0.9663 support and below. However, sustained break of 1.0669 resistance will indicate completion of the fall fro 1.0852. More important this will argue that rise from 0.9663 is still in progress for another high above 1.0852, possibly to retest key resistance level at 1.1079.

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.