AUD/USD rose to as high as 0.7441 last week and the confirm break of 0.7384 resistance indicates medium term bottoming. Initial bias remains on the upside this week with 21 and 55 EMA crossed northward on the 4 hours and daily time-frame. SSRC oscillator is also signalling more bullish momentum is expected in the pair.
Current rise would target 38.2% retracement of 0.9504 to 0.6826 at 0.7849 next. On the downside, break of 0.7108 support is needed to indicate completion of such rebound. Otherwise, outlook will stay mildly bullish in case of retreat.