Technical outlook and chart setups:
The AUD/USD pair seems is heading towards 0.7350 and 0.7400. The pair is trading around the level of 0.7200, which is also the Fibonacci 0.618 support of the recent rally between 0.7160 and 0.7280. It is hence recommended to initiate long positions with risk below the level of 0.7160. Immediate support is seen at 0.7160 followed by 0.7060 and 0.7020, while resistance is seen at 0.7280 (interim) and higher. Bulls are expected to remain in control until prices stay broadly above the level of 0.7060.
Initiate long positions with stop at 0.7140, a target is at 0.7400.