The AUD/USD exchange rate is just over the 0.9600 mark, which was not seen since 2002, in the short to medium-term.
Recently, a bullish recovery was seen near a psychologically significant support, thus demonstrating its significance.
It was expected that bearish rejection would occur and a short-term SELL Entry would be seen near the closest supply level, which was situated around 1.0200.
Subsequently, a dip in prices to assess the area of 0.9500 has recently been seen.
The market witnessed strong bullish behavior around the bottom end of the present channel. Initially determined bullish objectives in the area of 1.0150 and 1.0500 were attained.
The market sentiment around the significant level of 1.0500 was extremely positive, allowing the price to increase further and reach 1.0700.
Conversely, any weakening of the price to 1.0000 should be seen as a great chance to BUY in the long run.