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AUD/USD - Consolidation within Consolidation

As we get into the last session of the week, AUD/USD has settled into a consolidation between 0.9212 to 0.9275. 

A break above 0.9275 would maintain a bullish-neutral stance, which opens up 0.94, 0.9460 (2014-high). However, if the market finds resistance at the 0.93-0.9315 area, the bearish outlook might still be in play.

As you can see, the 0.92-0.9215 area is support going back to the end of March.

 A break below 0.92 however, opens up 50% retracement at 0.9060 and 61.8% retracement at 0.8965. The 0.90 handle will be important to monitor as well. 

For now, the small consolidation, is in the context of a larger consolidation between 0.92 and 0.9460.