This week the AUD/USD is trading with a strong decline. If by the end of the week the AUD/USD closes below 0.9813, then the bearish combination candlesticks Bearish Engulfing will form. In this case it is recommended to open short positions. On the other hand, the long positions should be closed if the support level of 0.9646 is broken through.
Earlier at a week chart the AUD/USD has formed the bullish combination of candlesticks Bullish Engulfing, which indicates the uprising movement, confirmed further.
In favor of the upside motion comes the fact that this combination of candlesticks emerged on the uptrend after a rebound from the support level of 0.8066 and from the Fibonacci correction level 38.2, where the bears did not manage to solidify and the bulls started to increase their influence.
This combination of candlesticks shows that the currency pair was declining after the failure to break out the resistance level of 0.9394. However, having come closer to 0.8066 it reversed.
The fact that the AUD/USD has successfully breached the mark of 0.8855 confirms this point of view.