AUD/USD: bullish signs

AUD/USD has formed a piercing line pattern on the weekly chart – bullish reversal sign. There was a bullish hammer formed on the daily chart on June 11.

Resistance: $0.9670, $0.9790/9800.

Support: $0.9560, $0.9430 and $0.9325 (last week’s low).

Strategy: buying on the dips to $0.9560 with target at $0.9800 (38.2% Fibo of April-June decline).

The next event to watch: the Reserve Bank of Australia’s meeting minutes at 00:30 GMT, FOMC meeting results on June 19.  

Chart. H4 AUD/USD

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