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AUD/USD - Bearish Divergence at 0.9360

The AUD/USD is showing a bearish divergence with the RSI in the 4H chart as it finds resistance at the 0.9360 level.


(audusd 4h chart, 6/9)

The 4H chart shows that AUD/USD ended May with a price bottom just above 0.92. There was a test of the bottom followed by another bullish swing. 

If the market can hold AUD/USD above 0.93 this week, the outlook remains bullish. However, a break below 0.9280 should put pressure back toward the 0.92-0.9220 area. 

This week is light on fundamentals, but there are a few worth monitoring:

Monday: NAB Business Confidence (May), Home Loans m/m (April)
Home Loans forecast 0.3%, previous: -0.9%
Tuesday: Wespac Consumer Sentiment (June)
Wednesday: Employment Change, Unemployment Rate (both for May)
Employment Change forecast: 10.3K, previous 14.2K
Unemployment Rate forecast: 5.9%, previous 5.8%