Possible Bounce On The AUDUSD
The Australian dollar may once again bounce versus the US dollar as the AUDUSD pair finds some support at its previous resistance at the 0.9200 level. As you can see from its 1-hour chart, the AUD/USD pair has retraced back to the 0.9200 marker after rising recently to 0.9260. A presence of a hidden bullish divergence or a positive reversal, where the price makes higher lows while the stochastics draw lower lows, indicates a possible turnaround to the upside soon. An oversold condition, as indicated in its stochastics, also points to a likely rally in the near term. Given these, the aussie may bounce off of the 0.9200 support versus the greenback. On the flip side, a break below 0.9200 may send the pair down to 0.9150.
