Technical outlook and chart setups:
The AUD/USD pair is trading around 0.7670/80 at the moment and might be looking far an opportunity to rally further higher. Please note that the pair has re-tested the level of 0.7600 and now bulls should be poised to remain in control until prices stay above at least 0.7575. It is hence recommended to initiate fresh long positions at current levels with risk at 0.7500 for now. Immediate support is seen at 0.7550 followed by 0.7520/30 and lower while resistance is seen at 0.7850 (interim) and higher respectively.
Trading recommendations:
Initiate fresh long positions at current levels, stop is at 0.7530, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com