Long positions in Australian dollar.

On the daily time frame the pair formed the ‘Morning star’ pattern. We think that this could become a strong signal to open longs because the pattern appeared next to the support level 0,92000. AUD started correcting up and it is approaching the local trend line. If it breaks this line – we see the potential for the currency to goahead. Also, we recommend to pay attention to indicators. MACD line is reversing back andapproaching the signal line. On the other hand, Parabolic SAR is approaching the price and we are expecting that the indicator will reverse and intersect the price.

Summary: it is possible to open long positions if the pair intersects the trend line orthe 23,6% Fibo level (0,92990). The targets are 0,93593 and 0,94081.