AUD/USD Is Rising

 

AUD/USD bounced off from the resistance at 0.7430, which coincides with the (MA)89 indicator on the four-hour time-frame, and moved to the downside but earlier today the pair formed a very clear inverted hammer candlestick at the support at 0.7390 on the same four-hour time-frame and bounced off from it as well, further pushed to the upside by the fundamentals. Currently the pair is rising again and it will likely test the aforementioned resistance at 0.7430 once again. If the pair succeeds in breaking out above that level, as well as the previous high at 0.7445, there will likely be a further move to the upside towards 0.7500 - 0.7520, especially considering the hammer candlestick above the support at 0.7330 on the weekly time-frame as well, which is a signal for a much more significant move to the upside.