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Since the beginning of this month, which has become one of the most successful for AUD / USD this year, the pair has been developing upward dynamics, breaking into the zone above the key resistance levels 0.7435 (ЕМА200 on the daily chart), 0.7340 (ЕМА200 on the weekly chart).
Today AUD / USD is growing for the 4th week in a row, bouncing off the local 5-week lows near the 0.7175 mark, reached at the end of last month.
At the time of this posting, AUD / USD is traded near 0.7535, above the important support level 0.7510 (50% Fibonacci retracement to the wave of the pair's decline from 0.9500 in July 2014 to 2020 lows near 0.5510), near a local 3-month high 0.7555 reached earlier this week.
Above the important short-term support level 0.7491 (ЕМА200 on 1-hour chart), long positions in AUD / USD are not in danger.
Confirmed breakdown of the long-term resistance level 0.7730 (ЕМА200 on the monthly chart) is likely to complete the AUD / USD transition into the long-term bull market zone.
In an alternative scenario, the growth of AUD / USD will stall near the local resistance level 0.7570 (the upper border of the ascending channel on the daily chart), and the breakdown of the short-term important support level 0.7491 will be the first signal for the implementation of a negative scenario with intermediate targets of decline at support levels 0.7435, 0.7396, 0.7370, 0.7340, 0.7300.
Support levels: 0.7510, 0.7491, 0.7435, 0.7396, 0.7370, 0.7340, 0.7300, 0.7175, 0.7115
Resistance levels: 0.7555, 0.7570, 0.7730
Trading Recommendations
Sell-Stop 0.7475. Stop-Loss 0.7560. Take-Profit 0.7435, 0.7396, 0.7370, 0.7340, 0.7300, 0.7175, 0.7115
Buy Stop 0.7560. Stop-Loss 0.7475. Take-Profit 0.7570, 0.7730, 0.7800
