[m.youssif]

AUD/USD's rally resumes after brief consolidation and reaches new record high of 1.0332 so far. Intraday bias will remain on the upside as long as 1.0203 minor support holds and further rally should be seen towards upper channel resistance at 1.0392 next. On the downside, below 1.0203 support will argue that a short term top is formed, possibly with mild bearish divergence condition in 4 hours MACD and bring pull back.

In the bigger picture, up trend from 2008 low of 0.6008 is still in progress and would extended further. Nevertheless, considering bearish divergence condition remains in weekly MACD, reversal could be imminent. We'd continue to look for topping signal and a break of 0.9704 support will indicate that a medium term top is already in place and would likely bring deep medium term pull back into 0.8066/9404 support zone. However, re-acceleration in the current rise will dampen this view and would possibly bring even stronger rise though 1.1 psychological level.

[m.youssif]

AUD/USD's rally resumes after brief consolidation and reaches new record high of 1.0332 so far. Intraday bias will remain on the upside as long as 1.0203 minor support holds and further rally should be seen towards upper channel resistance at 1.0392 next. On the downside, below 1.0203 support will argue that a short term top is formed, possibly with mild bearish divergence condition in 4 hours MACD and bring pull back.

In the bigger picture, up trend from 2008 low of 0.6008 is still in progress and would extended further. Nevertheless, considering bearish divergence condition remains in weekly MACD, reversal could be imminent. We'd continue to look for topping signal and a break of 0.9704 support will indicate that a medium term top is already in place and would likely bring deep medium term pull back into 0.8066/9404 support zone. However, re-acceleration in the current rise will dampen this view and would possibly bring even stronger rise though 1.1 psychological level.