In the medium-term, the AUD/USD has been in a neutral mode for most of 2015 as we can see in the daily chart. We might say that there is a slight bearish bias in the longer medium-term, since price action was bearish coming into 2015. AUD/USD Daily Chart 6/19(click to enlarge)Now, while the medium-term mode might be neutral-slightly-bearish, the short-term price action is bullish this week. The AUD/USD rallied and broke above last week's consolidation range after the FOMC statement and economic projection this Wednesday. The market got a sense that the fed is not sure if it can raise rates by September, though the scenario is still on the table. In the 1H AUD/USD chart, we can see the bullish swing from 0.7633 to 0.7850. During the 6/18 session, we can see that price retreated in what might be a flag pattern.AUD/USD 1H chart 6/19(click to enlarge)As we get into the 6/19 US session, price was tagging 0.7740. It also tested the cluster of 200-, 100-, and 50-hour SMAs as support. The 1H RSI came down to 40 and is now turning up. The fact that price bounced off the cluster of SMAs along with the fact that the RSI is holding above 40, shows that bulls are still in charge at least in the short-term. Still, a break above 0.7780 might be needed to fully signal a bullish continuation attempt, which would put the 0.7850 high in sight again for next week. If this bullish scenario does materialize, look for upside risk towards the 0.79-0.7930 resistance pivot area seen in the daily chart.