After rallying from a low not he year at 0.7532, AUD/USD found resistance at 0.8162 this week. After a dip to 0.80, this pair is still bullish, even if price extends a little lower. AUD/USD 4H Chart 5/15(click to enlarge) The 4H chart shows that this week, even though AUD/USD price has been retreating from 0.8162, it is still bullish for these reasons:1) Price is still above a rising trendlin2) Price is above the 200-, 100-, and 50-period simple moving averages (SMAs).3) The SMAs are sloping up and in bullish alignment.4) The RSI is holding above 40 after tagging above 70. A break below 0.7950 might be needed neutralize the bullish outlook. Then a break below 0.7850 might be needed to introduce the bearish scenario. Before considering the bearish scenarios, we should note that the 4H chart shows a bullish outside bar after AUD/USD tagged 0.80. This could lead to a bullish continuation swing. Let’s examine this further in the 1H chart. AUD/USD 1H Chart 5/15(click to enlarge) There is a flag pattern in the 1H chart. While AUD/USD lost the bullish momentum in the near-term (RSI fell below 40), price is still showing some bullish bias as it holds above the 200- and 100-hour SMAs. A break above 0.8075 will clear both the flag resistance and the 50-hour SMA, which would open up the bullish continuation scenario. Let's turn to the daily chart for the bullish continuation scenario. AUD/USD would have upside risk to the 0.82-0.8215 support/resistance pivot in sight, then the 0.83 high on the year, near the 200-day SMA. AUD/USD Daily Chart 5/15(click to enlarge)