The Australian dollar bounced up against the US dollar on the daily trading after it found support last week at an 8-month low, 0.9567, and now is trading at 0.9934. Technically speaking, the next potential resistance level is around 1.0055, where the tentative down-trend line is expected to hold any upward correction. Moreover the 38.20% of the last downward move from 1.0861 to 0.9569 is also around the 1.0055 level. The last correction was supported by the unexpectedly higher GDP news of the Australian economy. The short term Momentum (7) is in an uptrend, just crossed the base line and is heading higher into positive territory, supporting the retracement. However, looking at the Moving Average of Oscillator (OsMA) the histogram lines have reached extreme high levels signaling a potential peak may be near.