The AUD/USD pair will continue to rise from the level of 0.7131. The support is found at the level of 0.7131, which represents the double bottom - 00% Fibonacci retracement level in the H1 time frame.
The price is likely to form a double bottom. Today, the major support is seen at 0.7131, while immediate resistance is seen at 0.7246.
Accordingly, the AUD/USD pair is showing signs of strength following a breakout of a high at 0.7246. So, buy above the level of 0.7246 with the first target at 0.7279 in order to test the daily resistance 1 and move further to 0.7323.
Also, the level of 0.7323 is a good place to take profit because it will form a new double top at the same time frame.
Amid the previous events, the pair is still in an uptrend; for that we expect the AUD/USD pair to climb from 0.7205 to 0.7323 today.
At the same time, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7131, a further decline to 0.7085 can occur, which would indicate a bearish market.
