AUD/USD has taken support around 0.7790 (200 day EMA) and recovered from that level. Overall trend is still bullish as long as support 0.7790 holds.

On the upside minor resistance is around 0.7870 and any break above would extend gain till 0.7910/0.7938.

The pair’s short term support is around 0.7830 and break below will drag the pair further down till 0.7790/0.7750.

Indicators (4 Hour chart)

CCI (50) – Buy

CCI (14) – Buy

CCI (14) – Buy

Recommendation: Buy AUD/USD around 0.7830 SL 0.7790, Targets 0.7875/0.7938.

The material has been provided by InstaForex Company –