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AUD/USD - Ready for a Bullish Attempt; 0.93 is Key

AUD/USD has been bearish since finding resistance at 0.9460. The 4H chart shows a downward channel the AUD/USD has been trading in.


(audusd 4h chart, 4/29)

0.93:
There is a pivot around the 0.93 handle that has acted as resistance since late March. A break above this level as a break above the falling channel resistance should open up a bullish scenario that can challenge the 2014-high at 0.9460.

Daily stochastic:
In the daily chart, we see a bullish AUD/USD that has been in a bearish correction cycle. Price action has brought the stochastic reading down to 20, and it is now showing a bullish crossover.


(audusd daily chart, 4/29)

Bullish with some near-term downside risk:
There might be still some downside risk toward 0.9135-50 area, but this is not necessary in the context of a market that is bullish since January. A break and hold above 0.93 after this week's slew of event risks should open up the 0.9460 high and the 0.9530-40 resistance area.