Last week the AUD/USD currency pair closed with decline. In whole, the long-term outlook remains bullish, as the uptrend trend is observed. However, it is recommended to close long positions if the support level of 0.9646 is broken through, as it will allow pair to reach 0.9400.
Earlier at a week chart the AUD/USD has formed the bullish combination of candlesticks Bullish Engulfing that indicates the uprising movement, confirmed further.
In favor of upside movement comes the fact that this combination of candlesticks appeared on the uptrend after a rebound from the support level of 0.8066 and from the Fibonacci correction level 38.2, where the bears did not manage to fixate and the bulls started to increase their influence.
This combination of candlesticks show that the currency pair was declining after it failed to break out the resistance level of 0.9394. However, the pair reversed, having come closer to 0.8066.
The fact that the AUD/USD has broken through the mark of 0.8855 confirms this point of view.
