AUD/USD's rise resumed after brief consolidations and reaches as high as 1.0588 so far today. Intraday bias is back on the upside for 1.6120 resistance. Based on current momentum, 1.0612 would likely be taken out to confirm resumption of whole rally from 0.9588. In that case, AUD/USD should then challenge 1.0852 key resistance level. On the downside, though, break of 1.0420 will indicate short term topping and flip bias back to the downside for 1.0165 support instead.

In the bigger picture, price actions from 1.1079 high are treated as a consolidation pattern in the larger up trend, in form of a triangle. Fall from 1.0612 could be the fifth and final leg in this pattern. No change in these views. The question now is whether such decline from 1.0612 is finished at 1.0165 already. Before a break of 1.0612 resistance, another decline could still be seen. But, break of 1.0612 resistance will be the first signal of larger up trend resumption and will turn focus to 1.0852 resistance for confirmation.

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