The AUD/USD moved through 1.0500 swings which mean that wave II pull-back is complete and that larger uptrend is back in progress again. Rise from 1.0346 cannot be counted impulsively so we believe that the AUD/USD will move much higher in the next few days, maybe even weeks if we consider a possible wave III rise even up to 1.0740 Fibonacci extension level.

However, we always tend to focus on minimum expectations, so we expect to see 1.0600 as a first target (1.618 x wave II). Before that level is seen, the pair could go through a corrective retracement in blue wave (2) back to 1.0450/60 support zone. The pair however, remains in bullish mode as long as 1.0346 holds.

Forex Analysis by Gregor Horvat at ForexPros. com