[m.youssif]

AUD/USD's break of 1.0506 minor support and the sharp retreat indicates that a short term top is likely in place at 1.0581 with bearish divergence condition in 4 hours MACD. Intraday bias is turned neutral and some consolidations could be seen first. Nevertheless, consolidations should be relatively brief as long as 1.0287 support holds and we'd expect recent rally to resume sooner rather than later. Above 1.0581 will target 161.8% projection of 0.9536 to 1.0254 from 0.9704 at 1.0866 next. However, break of 1.0287 will bring deeper fall towards 61.8% retracement of 0.9704 to 1.0581 at 1.0039 instead.

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 is regaining momentum again. 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 medium term reversal. Otherwise, outlook will remain bullish.

[m.youssif]

AUD/USD's break of 1.0506 minor support and the sharp retreat indicates that a short term top is likely in place at 1.0581 with bearish divergence condition in 4 hours MACD. Intraday bias is turned neutral and some consolidations could be seen first. Nevertheless, consolidations should be relatively brief as long as 1.0287 support holds and we'd expect recent rally to resume sooner rather than later. Above 1.0581 will target 161.8% projection of 0.9536 to 1.0254 from 0.9704 at 1.0866 next. However, break of 1.0287 will bring deeper fall towards 61.8% retracement of 0.9704 to 1.0581 at 1.0039 instead.

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 is regaining momentum again. 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 medium term reversal. Otherwise, outlook will remain bullish.