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AUD/USD’s rebound from 0.9926 extended managed to make a s high at 1.0764 last week but lose momentum and formed a temporary top there. Our vision for next week bias is Initial bias neutral. In the bigger picture, rise from 0.8066 has completed with bearish divergence in daily MACD at 1.1079. However, AUD/USD is trading inside long term rising channel from 2008 low and there is no indication of trend reversal thus makes price action from 1.1079 high corrective one. On the upside, break above 1.0764 will bring rally towards 1.1071. On the downside, break below 1.0533 minor support will indicate that rebound from 0.9926 is finished and would flip intraday bias to the downside. Further break below will extend to a test of 0.9926 support level.
