AUD/USD's rebound from 0.9588 extended further to as high as 1.0089 last week in spite of brief consolidation. Initial bias remains on the upside and further rally should be seen to 61.8% retracement of 1.0473 to 0.9588 at 1.0135 first. break will put focus to 1.0025 key near term resistance. On the downside, break of 0.9820 minor support is still needed to sign completion of such rebound. Otherwise, near term outlook remains cautiously bullish even in case of retreat.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend. Current development suggests that rebound from 0.9588 might be the fourth leg inside the consolidation pattern, which could be a triangle. Break of 1.0225 will target upper trend line (now at 1.0742) but strong resistance should be seen there to bring at least one more fall. After all, firstly, break of 1.0852 is needed to signal larger up trend resumption or more consolidative trading could be seen. Secondly, any downside attempt would likely be contained by 0.9387/9663 support zone.
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 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.