[m.youssif]

AUD/USD's up trend continued last week and made new record high 1.0581. Initial bias remains on the upside this week and further rise should now be seen to 161.8% projection of 0.9536 to 1.0254 from 0.9704 at 1.0866 next. On the downside, below 1.0506 minor support will turn bias neutral and bring retreat. But downside should be contained by 1.0287/0415 support zone and bring rise resumption.

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.

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.

[m.youssif]

AUD/USD's up trend continued last week and made new record high 1.0581. Initial bias remains on the upside this week and further rise should now be seen to 161.8% projection of 0.9536 to 1.0254 from 0.9704 at 1.0866 next. On the downside, below 1.0506 minor support will turn bias neutral and bring retreat. But downside should be contained by 1.0287/0415 support zone and bring rise resumption.

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.

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.