This week the AUD/USD is traded with a slight decline. At present, the currency pair is rolling back after it successfully breached the support level near 0.98. As it was mentioned before, it is recommended to close long positions in case the support level of 0.9646 is broken through, as it will allow pair to reach 0.9400.
Earlier at a weekly chart the AUD/USD formed the bullish combination of candlesticks Bullish Engulfing that indicates the uprising signal, confirmed further.
In favor of the upside movement comes the fact that this combination of candlesticks emerged on the uptrend after a rebound from the support level of 0.8066 and 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 show that the pair was declining after it could not break out the resistance level of 0.9394. However, the pair reversed having come closer to 0.8066.
The fact that the AUD/USD broke through the level of 0.8855 means that this point of view is correct.