After bottoming out in the 0.7530 boundaries, the AUDUSD pair has achieved considerable recovery in the past three weeks as seen on the provided daily graph.
The following three main technical factors may assist bulls to resume their northern trip:
- Signs of double bottoming and this factor will be affirmed with a daily closing above 0.9740.
- Technical indicators are positive, since RSI14 is inching upwards, Aroon is giving off a bullish signal, while AUDUSD is being carried by Ribbons lines from the underside.
- The weekly studies shows consecutive bullish tendencies.
Accordingly, long positions are preferable on AUDUSD as far as the pivotal support of 0.7780 holds.