Rebound seen in gold prices likely supporting the Aussie, recovery may be short lived as USD likely to see further strength.
Pair has hit channel base and rebounded from lows, is biased higher and has scope to run, Daily Stochs show crossover at oversold levels.
Long lower wicks on 4-hourly candles, and formations indicate scope for some upside. Pair could test 38.2 % Fib of 0.7385-0.7096 fall at 0.7206.
We would long dips around 0.71, SL: 0.7060, TP1: 0.7180, TP2: 0.72
R1: 0.7145 (Daily Cloud Base)
R2: 0.7160 (Cloud Top, Low Dec 14 & 1)
R3: 0.7183 (100-Day MA)
R4: 0.7206 (38.2 % Fib of 0.7385-0.7096 fall)
S1: 0.7103 (Daily Low Nov 19)
S2: 0.7096 (Channel base)
S3: 0.7069 (Daily Low Nov 18)
S4: 0.7061 (Daily Low Nov 12)