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AUD/USD Testing Highs on the Year Around 0.94

The AUD/USD has been rallying from just above 0.92 to about 0.94. This latest upswing is within a consolidation pattern forming since April. The daily chart shows that price rallied from 0.8660 to 0.9461 and started to trade sideways, supported at 0.92. 


(audusd daily chat 6/11)

The 4H chart shows the market retreating from 0.94. The RSI was a tad overbought. A retracement seems due, but the bearish outlook should be limited to 0.9318-0.9330 area. 

If the market is indeed turning bullish, and trying to threaten the 2014-highs, then it should hold above 0.93. A break below 0.93 and the rising trendline seen in the 4H chart would put the focus back toward the 0.92 support, and the idea of a price top will replace the idea of bullish continuation.