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As of this writing, AUD/USD is traded near 0.7165, up from yesterday's and 9-week low of 0.7057.
Technical indicators OsMA and Stochastic on the daily chart are beginning to turn to long positions, on the 1-hour and 4-hour charts - indicators are already on the side of buyers.
It is likely that a break into the zone above the important short-term resistance level 0.7222 (EMA200 on the 1-hour chart) will be a signal to open long positions.
Growth above the resistance level 0.7325 (EMA200 on the daily and weekly charts) will indicate the return of AUD/USD to the bull market zone.
In an alternative scenario, and as some economists believe, AUD/USD could fall to 0.7000. The signal for strengthening the downward movement of the pair will obviously be the breakdown of today's local minimum at 0.7088. The downside targets in this case are the support levels 0.7037 (Fibonacci 38.2% correction to the wave of the pair's decline from the level 0.9500 in July 2014 to the lows of 2020 near the level 0.5510), 0.7000, 0.6970.
Support levels: 0.7100, 0.7085, 0.7037, 0.7000, 0.6970
Resistance levels: 0.7175, 0.7222, 0.7300, 0.7325, 0.7400, 0.7439, 0.7510, 0.7555, 0.7615, 0.7660, 0.7730, 0.7815, 0.7835, 0.7885, 0.7800,
Trading Recommendations
Sell Stop 0.7120. Stop Loss 0.7190. Take-Profit 0.7100, 0.7085, 0.7037, 0.7000, 0.6970, 0.6900
Buy Stop 0.7190. Stop Loss 0.7120. Take-Profit 0.7222 0.7300 0.7325 0.7400 0.7439 0.7510 0.7555 0.7615 0.7660 0.7730 0.7815 0.7835 0.7885 0.7900 0.8000
