On the 4-hour chart, AUD/USD is growing along the upper line of the Bollinger Bands.
The price is approaching a strong resistance level in the region of 0.7873 (Murray [6/8]).
The level of 0.7873 can prevent the instrument from growing, as the possibility of the reverse of the price is high there.
If the price cannot consolidate above the level of 0.7873, the price can reverse and retest the support level of 0.7843 (Murray [5/8]).
The breakdown of the level 0.7843 will let AUD/USD fall to the level of 0.7812 (Murray [4/8]), which coincided with the middle line of Bollinger Bands.
If the price is set above the level of 0.7873 (Murray [6/8]), the upward trend can restore.
In this case, the growth to the area of the levels of 0.7904 (Murray [7/8]), 0.7934 (Murray [8/8]) may continue.
Technical indicators reflect the maintenance of the upward potential.
Bollinger Bands are diverging, reflecting the active development of the current trend.
MACD is growing in the positive zone.
Stochastic’s lines are pointed upwards.
Support and resistance
Support levels: 0.7843, 0.7812, 0.7782.
Long positions can be opened above the level of 0.7873 with the target at around 0.7904-0.7934 and stop loss 0.7850.
Short positions can be opened below the level of 0.7843 with the target at around 0.7812-0.7782 and stop loss 0.7860.