• AUDUSD reversed from long-term support level 0.7330
• Likely to rise further
AUDUSD continues to rise after the earlier sharp upward reversal from the long-term support level 0.7330 (which stopped the previous downtrend in May of 2017, as can be seen below). The support zone near the support level 0.7330 was strengthened by the lower daily Bollinger Band.
If the price closes this week near the current levels it will form the strong daily Japanese candlesticks reversal pattern Morning Star.
AUDUSD is likely to rise further and re-test the next resistance level 0.7440 (top of the earlier wave (ii) and the former support from May).