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AUD/USD Testing Falling Trendline

Since the July 23rd high of 0.9474, AUD/USD has fell to 0.9239, which is the current August low. Then, since the end of last week, traders has bid up the AUD/USD toward a falling trendline seen in the 4H chart. The 4H RSI has been held below 60 since it feel below 30, which is a sign that the bearish momentum is maintained. However, the RSI reading is now trying to break above 60, which would reflect a loss of bearish momentum. If price also breaks above 0.9320, it would clear the falling resistance, and signal a bullish outlook in the short-term.
If a pullback fails to pull price below 0.93, there is upside toward the 0.9474 high.

AUD/USD 4H Chart

When you look at the daily chart, you can see that the bullish scenario may have more legs then just a retest of the July 23rd high. It can expose the 2014-high at 0.9505. 

The bullish outlook is based on the prevailing uptrend, which has stalled since April, but has not reversed despite the short-term decline since 0.9505. The daily RSI for example has held above 40, which shows maintenance of the bullish momentum, though this bullish momentum has softened. 

AUD/USD Daily Chart

If price fails to break above the trendline, and then holds south of 0.93, there is short-term downside risk toward the 0.92-0.9210 area, lows from May-June. This is a key support, and a break below can open up a bearish outlook. Currently, the market is neutral-bullish, and a break above 0.9320 can put focus on the bullish component.