FX.co ★ Candlestick analysis of the AUD/USD (long-term outlook)

This week the AUD/USD is traded down. In whole, the long-term outlook is bullish since the uprising trend remains. However, it is recommended to close long positions if the support level of 0.9646 is broken through, as it will lead to the decline to 0.9400.
Earlier on a week chart the AUD/USD has formed the bullish combination of candlesticks Bullish Engulfing, which indicates the upside movement that was confirmed further.
In favor of the upwards motion comes the fact that this combination of candlesticks formed on the uptrend after a rebound from the support level of 0.8066 and the Fibonacci correction level 38.2, where the bears did not manage to solidify 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. Nevertheless, the pair reversed having come closer to 0.8066.
The fact that the AUD/USD has successfully breached the mark of 0.8855 denotes that this point of view is correct.