[m.youssif]

As noted before, a short term top is in place at 1.0415 in AUD/USD ahead of 100% projection of 0.9536 to 1.0254 from 0.9704 at 1.0422, on mild bearish divergence condition in 4 hours MACD. More consolidation could be seen with risk of deeper pull back. Below 1.0287 will bring another fall towards 38.2% retracement of 0.9704 to 1.0415 at 1.0143. But there is no indicate of trend reversal yet. Sustained break of 1.0422 will target 161.8% projection at 1.0866.

In the bigger picture, up trend from 2008 low of 0.6008 is still in progress and would extend 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.

[m.youssif]

As noted before, a short term top is in place at 1.0415 in AUD/USD ahead of 100% projection of 0.9536 to 1.0254 from 0.9704 at 1.0422, on mild bearish divergence condition in 4 hours MACD. More consolidation could be seen with risk of deeper pull back. Below 1.0287 will bring another fall towards 38.2% retracement of 0.9704 to 1.0415 at 1.0143. But there is no indicate of trend reversal yet. Sustained break of 1.0422 will target 161.8% projection at 1.0866.

In the bigger picture, up trend from 2008 low of 0.6008 is still in progress and would extend 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.