The AUD/USD broke a falling trendline a few days ago as you can see in the daily chart. This comes off a "rounded bottom", or what some would describe as an "inverted head and shoulders". Price is also moving up away from the 200-day SMA. (AUD/USD Daily Chart)The point is price action seems to have shifted away from the bearish mode into a neutral to now bullish development.61.8% retracement will be at 0.9337. There is also upside risk toward 0.9530, 78.6% retracement, and previous pivot. If you compare the Aug-Oct. rally to the current one, a swing of the same amplitude will reach 0.9570.The bullish outlook in the short to medium term suggests consideration of buying on a dip.