AUD/USD analysis (July 13, 2011)

The pair continues to evolve in its daily range delimited by the bollinger bands. We consider that a clear break through either 1,08 or 1,04 would give us a directional bias.
For the time being, we have seen a bounce near the 1,05 support which opens the a new test of 1,08.

AUD/USD: daily chart

The daily studies are still pointing to further losses but the intraday charts are showing a potential to the upside for a confirmation of the bounce. It is worth noting that the pair will have to break back above a former support at 1,0655. Failure to do so might lead to a bearish resumption.