FX.co ★ Candlestick analysis of the AUD/USD for December 15

The AUD/USD has successfully broken through the resistance level of 0.9965, and now is pulling back. A breakout of this mark means that the currency pair is targeted to the year’s high of 1.0182.
Earlier on the daily chart the AUD/USD has developed the combination of candlesticks Bullish Engulfing, which indicates the uprising movement, confirmed further.
These candlesticks formed near the support level of 0.9537, where the bulls started to increase their influence and a pullback took place after the downside motion. This combination of candlesticks provided a good opportunity to open long positions.
A breakthrough of the resistance level of 0.9710 confirms this point of view. However, in case the reversal happens and the AUD/USD breaks through the support level of 0.9710, then short positions should be closed, as it will lead to the further decline to 0.9537.