The AUD/USD is showing upside movement after a rollback. As mentioned before, the breakout of the resistance level of 0.9965 means that the currency pair is targeted to the year’s high of 1.0182.
Earlier on a daily chart the AUD/USD has developed the combination of candlesticks Bullish Engulfing, which indicates the uprising movement, confirmed further. This combination of candlesticks formed near support level of 0.9537, where the bulls started increasing their influence and a pullback took place. This combination of candlesticks provided a good opportunity to open long positions.
A breakthrough of the resistance level of 0.9710 confirms this point of view. However, in case the reversal takes place and the AUD/USD breaks out the support level of 0.9710, then long positions should be closed, as it will lead to the decline to 0.9537.
