AUD/USD rises further to as high as 1.0521 so far today and intraday bias remains on the upside. Current rally from 0.9588 should extend to upper trend line resistance (now at 1.0695). But, we'll be cautious on reversal signal there. Meanwhile, break of 1.0384 minor support will turn focus back to 1.0176 support.
In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend. Current development suggests that rebound from 0.9588 is the fourth leg inside the consolidation pattern, which could be a triangle. Sustained break of 1.0225 will target upper trend line (now at 1.0695) but strong resistance should be seen there to bring at least one more fall. After all, firstly, break of 1.0852 is needed to signal larger up trend resumption or more consolidative trading could be seen. Secondly, any downside attempt would likely be contained by 0.9387/9663 support zone.


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