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AUD/USD Rejected at 0.9275

AUDUSD has been consolidating this week above 0.9210.

Traders have been respecting the 0.9190-0.9210 area as support.

On the daily chart, it looks like the market is ready to rally. The stochastic is oversold, while the RSI is at 40. In a bullish market, this reflects a completion of a bearish cycle, and a bullish one might follow. 

However, the 4H chart shows failure to rally so far.

AUD/USD was rejected at the 0.9275 resistance area as seen in the 4H cart, and the focus is back toward the common support area. A break below 0.9090 opens up a bearish outlook. 

Otherwise the AUD/USD remains sideways, with bullish bias from the prevailing, 2014-uptrend. A break above 0.9275 will be needed to open up the bullish scenario in the short-term towrad the 0.94 handle, and the 0.9460 high on the year.