Technical analysis signals a possible correction of the AUD/USD currency pair after a prolonged fall. Last week, the trading instrument kept the demand zone of 0.70250-0.70450, which caused the bullish sentiment and the change of local maxima. At the moment, the classic double-bottom reversal pattern has been formed (H4 timeframe). The AUD/USD quotes are consolidating near the round level of 0.71000. We recommend paying attention to this situation.
If the price consolidates above the 0.71000 mark, it is necessary to look for entry points to the market in order to open long positions. The immediate goal for profit taking is the resistance level of 0.71500. In the medium term, the AUD/USD currency pair may reach the level of 0.72000-0.72350. When tracking a position, we recommend using a trailing stop.