On a weekly chart, the AUD/USD currency pair has formed Bullish Engulfing candlestick combination, which is a signal for an upward movement. The fact that this candlestick shaped after a rebound from the support level of 0.8080 as well as from Fibonacci correctional level of 38.2, where the bears did not managed to fixate and the bulls began to increase their influence, speaks in favor of a rising movement. This candlestick combination showed that the currency pair was falling after a failed trial to break out the resistance level of 0.9394. However, having come close to 0.8066 it reversed.
The fact that AUD/USD broke through 0.8855 successfully means that the current viewpoint is correct. Now, the rise to the resistance level of 0.9394 should be expected.
On the other hand, long positions are better to close after the breach of the support level of 0.8312, as it will open the way to 0.8066 (the low of 2010)..png)
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