[m.youssif]

AUD/USD extended recent up trend and reached new record high of 1.0394 last week. AUD/USD is losing some upside momentum with mild bearish divergence condition in 4 hours MACD. Nevertheless, there is no confirmation of topping as long as 1.0203 support holds. Further rise could be seen to 100% projection of 0.9536 to 1.0254 from 0.9704 at 1.0422 next. On the downside, though ,below 1.0203 support will indicate that a short term top is at least formed and should bring pull back towards 55 days EMA (now at 1.0079).

In the bigger picture, up trend from 2008 low of 0.6008 is still in progress and would extended further. Daily MACD's strong rise suggests that the up trend might be regaining momentum again. and current rally could target 100% projection of 0.4773 to 0.9849 from 0.6008 at 1.1084. On the downside, break of 0.9704 support in needed to signal reversal. Otherwise, outlook will remain bullish.

In the longer term picture, long term up trend from 0.4773 (01 low) is still in progress and would possibly target 100% projection of 0.4773 to 0.9849 from 0.6008 at 1.1084.

[m.youssif]

AUD/USD extended recent up trend and reached new record high of 1.0394 last week. AUD/USD is losing some upside momentum with mild bearish divergence condition in 4 hours MACD. Nevertheless, there is no confirmation of topping as long as 1.0203 support holds. Further rise could be seen to 100% projection of 0.9536 to 1.0254 from 0.9704 at 1.0422 next. On the downside, though ,below 1.0203 support will indicate that a short term top is at least formed and should bring pull back towards 55 days EMA (now at 1.0079).

In the bigger picture, up trend from 2008 low of 0.6008 is still in progress and would extended further. Daily MACD's strong rise suggests that the up trend might be regaining momentum again. and current rally could target 100% projection of 0.4773 to 0.9849 from 0.6008 at 1.1084. On the downside, break of 0.9704 support in needed to signal reversal. Otherwise, outlook will remain bullish.

In the longer term picture, long term up trend from 0.4773 (01 low) is still in progress and would possibly target 100% projection of 0.4773 to 0.9849 from 0.6008 at 1.1084.