AUD/USD Analysis (August 10)

After a very impressive decline which lead the pair below parity (1000 pips within a few days), we did see the market bouncing significantly during the last trading session.
The AUD/USD is now trading back above its 200 moving average at 1,03. We see a clear potential for further appreciation on the pair with an immediate target at 1,05 (former key level).
It is worth noting that the market managed to hold inside the weekly bollinger bands which could allow a bullish resumption as the main long term trend remains bullish.
Considering the daily setup though and the recent price actions, we still consider that a major reversal structure might be in place.
We will keep a close eye on the coming developments.