Technical outlook and chart setups:
The AUD/USD pair bounced off the levels of 0.7650 earlier, remaining just shy of the levels of 0.7625. The pair has formed a tweezer bottom on a weekly chart (not depicted here), indicating a potential reversal in trend from the current lows at 0.7625/50. Furthermore, the pair has rallied through the levels of 0.7800 now and is looking poised to push higher towards the levels of 0.8000 and 0.8300. It is recommended to initiate long positions now at 0.7820 and to add on dips. Risk remains at the levels of 0.7650. Immediate support is seen at 0.7725 followed by 0.7650, 0.7625 and lower, while resistance is seen at 0.8000 followed by 0.8300 and higher.
Trading recommendations:
Initiate long positions now. Stop is at 0.7625/50, target is 0.8000 and 0.8300.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
