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AUD/USD Testing Consolidation Resistance

In the 4H AUD/USD, we see a market that has been trading sideways in August, after falling in July. It was trading roughly between 0.9240 and 0.9374. As we start a new month, it is testing the consolidation resistance. Last week, traders faded AUD/USD at the 0.9374 resistance, but price is still bullish based on the fact that it bounced off a rising trendline from the 8/20 low. 

As we get ready for the US session, which is a holiday (Labor Day), AUD/USD is at the cusp of breaking a near-tern resistance line and to test the 0.9374 resistance again.

(AUD/USD 4H Chart 9/1)

When we look at the daily chart we can see that price has been pretty much sideways since April, although there was a fresh high to 0.9505 at the end of June. The fact that price has held above 0.92 maintains a bullish bias because the prevailing trend was bullish before the current consolidation range between roughly 0.92 and 0.9505. 

You can also see that if price breaks above the current resistance at 0.9374, it would clear above the 100-, and 50-day simple moving averages. The break would open up the 0.9460-0.9505 resistance area. 

(AUD/USD Daily Chart 9/1)