FXstreeet.com (Barcelona) - Australian Dollar retreat from year high at 0.9328 found support on Thursday at 0.9185 and the Aussie rallied back, reaching 0.9295 high during Asian session.

In a wider perspective we see Aussie's months-long rally stalled below 0.9300, and the pair consolidating in a range from 0.9180/90 to 0.9300/30 during last week.

At this point, Ian Coleman, technical analyst at Turtle Futures, sees the Aussie biased to the upside on daily studies: On the daily chart we are definitely still in an uptrend. The channel bottom is not until 0.8850. RSI is still rising but we are looking overbought. This may be negated as the ADX is showing that we are trending (above the 200SMA).

On hourly charts,however, the outlook is quite different, says Coleman: We have a possible Head and Shoulders formation with the neckline being around 0.9200. We had divergence at the top at 0.9330. We will need to push through 0.9253 first. We have a trend line here, a pivot and the 20 SMA. I am a bear.

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