The AUD/USD pair has bounced from its support on a daily time frame. This support zone was given in our analysis on 26th June. The price also pierced the Bollinger band at this level and the piercing of the Bollinger band does have a significant importance at an important level of support/resistance because this could reverse the trend or push the price back towards its mean. However, the price is still well below the 50 day (shown in green) and the 100day (shown in yellow) moving averages which means that the bears are still in strong control.
The RSI is showing a clear sign of deflection in relation to its price action which means that the price is making the lower low while the RSI is making a higher high. Therefore, the bias could be to the upside .