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

Currency pair AUD/USD moves down aimed at 0.9646. On the whole, long-term outlook remains bullish as the uptrend is still taking place. However, it is recommended to close long-term positions in case of the support level 0.9646 breakout, as it gives the way to 0.9400. Earlier the AUD/USD has formed Bullish Engulfing combination on the weekly chart which is a signal to the uptrend that was proved later.
Domination of the uptrend is supported by the fact that this candlestick combination was formed on the uptrend after the rebound from the support level 0.8066 as well as from the Fibonacci correction level 38.2 where bears have failed to consolidate their position while the bulls have started to increase their influence.
This candlesticks’ combination shows that the currency pair falls after its unsuccessful attempt to break through the support level 0.9394. However, having reached 0.8066 it made a reversal. The fact that AUD/USD has successfully broken through the level 0.8855 proves this point of view.