The AUD/USD currency pair is pulling back after it has not managed to break out the resistance level around 0.9240-0.9250. It is recommended to gradually close the greater part of long positions as the pair movement to 0.9400 will be extremely difficult because of finding several important points of reversal. Nevertheless, the pair viewpoint stays bullish and it is expected that it will go up to 0.9400 in the nearest future.
Earlier, on a 4-hour chart, AUD/USD has formed a candlestick combination of Morning Star, which is a signal for an upward motion.
This combination developed around the mark of 0.8770, where the bulls increased their influence and a pullback after a downward movement took place. The fact that Morning Star shaped nearly the lower limit of the descendant trend (a daily chart) supported an uprising motion.
Breach of the level of 0.8890 and Fibonacci correctional level of 23.6 means that the current point of view is correct. Stop orders are advisable to place slightly below 0.9032 because a breakout of this mark will mean the upward trend is broken.