In a 4-hour graph the AUD/USD currency pair has found demand near 1.0590. If the upside movement continues, the AUD/USD will make another attempt to break the resistance level 1.0757.
Earlier in a 4-hour graph the pair formed a Doji candlestick. As we know, this candlestick indicates a bullish signal.
Doji was formed as the pair had declined after an unsuccessful attempt to break the resistance level 1.1011. However, the bears could not solidify near 1.0440, the bears started to increase their influence and a rebound took place. This candlestick provided a good opportunity to open long positions.
Besides, the AUD/USD broke the Fibonacci correction level 23.6 and the downtrend, which proves this point of view. Break of the resistance level 1.0715 and the Fibonacci correction level 50.0 targeted the pair to 1.0888.
It is worth mentioning the in case of a successful break of the support level 1.0440 long positions should be closed as it will lead to downside movement targeted at 1.0389.
