FX.co ★ Candlestick analysis of the AUD/USD for December 06

Earlier on a daily graph the AUD/USD has developed the combination of candlesticks Bullish Engulfing that indicates the uprising movement, confirmed further.
This combination of candlesticks emerged near the support level of 0.9537, where the bulls started increasing their influence and a pullback took place after a downside movement. This combination of candlesticks provided a good opportunity to open long positions.
A breakthrough of the resistance level of 0.9710 means that this viewpoint is correct. Now we forecast the uprising motion with the target to 0.9965. The breakout of 0.9965 will allow the pair to reach 1.0182. Nevertheless, in case a reversal takes place and the AUD/USD breaches the support level of 0.9537, then long positions should be closed, as it will lead to the further decline to 0.9300.