The AUD/USD consolidates near the parity level. In case the resistance level of 1.00 is broken through, the uprising movement to 1.05 is expected.
Earlier at a weekly chart, the AUD/USD has formed the bullish combination of candlesticks Bullish Engulfing, which indicates the upward movement.
The uprising motion is confirmed by the fact that this combination of candlesticks appeared on the uptrend after the rebound from the support level of 0.8066 and Fibonacci correction level 38.2, where the bulls started to increase their influence.
This combination of candlesticks shows that the currency pair was declining after the failed attempt to break out the resistance level of 0.9394. However, having come closer to 0.8066 it reversed.
The fact that the AUD/USD has successfully breached the mark of 0.8855 confirms this point of view.
The long positions should be closed in case the support level of 0.9400 is broken through, as it will lead to increase to 0.8765.
