AUD/USD's consolidation from 1.1010 continued last week with another dip towards the end. Initial bias remains on the downside this week for 100% projection of 1.1010 to 1.0536 from 1.0887 at 1.0413. On the upside, above 1.0715 minor resistance will turn bias neutral first. But risk will remain on the downside as long as 1.0887 resistance holds.
In the bigger picture, rise from 0.8066 is part of the up trend from 2008 low of 0.6008 and is still in healthy status. AUD/USD is staying comfortably inside medium term rising channel. Current rise should target 100% projection of 0.6008 to 0.9404 from 0.8066 at 1.1462 next. On the downside, break of 1.0254 resistance turned support will, however, suggest that 1.1010 is a medium top and in such case, deeper decline would be seen towards 0.9404 support to correct the whole up trend from 0.6008.
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. At this point, there is no sign of loss of momentum yet. Sustained trading above this level will target 138.2% projection at 1.3023, which is close to 1.3 psychological level.