Technical outlook and chart setups:
The AUD/USD pair has resumed its rally towards the levels of 0.8030 and 0.8300, subsequently, as depicted here. Bulls seem to have regained control for now and immediate support is seen at the levels of 0.7740 and 0.7650-60, while resistance is seen at the levels of 0.8020 and 0.8300, respectively. A push above the 0.7900 handle would bring the pair in the buy zone of the resistance line and rally is expected to accelerate. It is hence recommended to remain long and also to look to add further positions with risk below the levels of 0.7700. A push through the the level of 0.8300 would confirm that the AUD/USD pair has reversed its trend for times to come.
Trading recommendation:
Remain long. Stop is at 0.7600, target is 0.8300.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
