[m.youssif]

AUD/USD soared to another record high of 1.0976 last week and remained firm. Initial bias remains on the upside this week for 1.1 psychological level first. Sustained break there will pave the way to upper channel resistance at 1.1160 next. On the downside, below 1.0862 minor support will turn bias neutral and bring consolidations. But break of 1.0675 support is needed to signal short term topping. Otherwise, outlook will remain bullish.

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 with daily MACD staying above signal line. Current rise should be 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 is needed to be the first signal of 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. 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.

[m.youssif]

AUD/USD soared to another record high of 1.0976 last week and remained firm. Initial bias remains on the upside this week for 1.1 psychological level first. Sustained break there will pave the way to upper channel resistance at 1.1160 next. On the downside, below 1.0862 minor support will turn bias neutral and bring consolidations. But break of 1.0675 support is needed to signal short term topping. Otherwise, outlook will remain bullish.

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 with daily MACD staying above signal line. Current rise should be 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 is needed to be the first signal of 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. 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.