[m.youssif]

AUD/USD rises to new record high of 1.0606 today and the break of 1.0581 confirms resumption of recent rally. Intraday bias is back on the upside and further rise should now be seen towards 61.8% projection of 0.8315 to 1.0181 from 0.9704 at 1.0857 next. On the downside, break of 1.0442 support will indicate that a short term top is formed with bearish divergence condition in daily MACD. In such case, deeper pull back would be seen to 55 days EMA (now at 1.0235).

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 rises to new record high of 1.0606 today and the break of 1.0581 confirms resumption of recent rally. Intraday bias is back on the upside and further rise should now be seen towards 61.8% projection of 0.8315 to 1.0181 from 0.9704 at 1.0857 next. On the downside, break of 1.0442 support will indicate that a short term top is formed with bearish divergence condition in daily MACD. In such case, deeper pull back would be seen to 55 days EMA (now at 1.0235).

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.