[m.youssif]

AUD/USD's decline from 1.1010 extends further to as low as 1.0693 so far. The sustained trading below the near term rising trend line indicates that a short term top is formed on bearish divergence condition in 4 hours MACD after hitting 1.1 psychological level. Intraday bias is mildly on the downside for deeper pull back to 1.0388/0581 support zone. On the upside, above 1.0876 minor resistance will turn bias neutral. But consolidations would likely extend further as long as 1.1010 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 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.

[m.youssif]

AUD/USD's decline from 1.1010 extends further to as low as 1.0693 so far. The sustained trading below the near term rising trend line indicates that a short term top is formed on bearish divergence condition in 4 hours MACD after hitting 1.1 psychological level. Intraday bias is mildly on the downside for deeper pull back to 1.0388/0581 support zone. On the upside, above 1.0876 minor resistance will turn bias neutral. But consolidations would likely extend further as long as 1.1010 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 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.