The AUDUSD has endured a rather sharp correction which was blown out of proportion. This pair has formed a narrow falling wedge which makes a break-out very simple. Support and resistance levels are very tight and closing in even further which will pressure this pair into a break-out.
MACD showed improvement and has stabilized, but remains in bearish territory. Watch MACD turn positive during the break-out for confirmation. The RSI has just shaken off oversold levels and formed a positive divergence which is another bullish sign for the AUDUSD and bodes well for the upcoming break-out.
I recommend taking an initial long position around the 1.0380 level and look for potential additions 50 to 80 pips lower. Place your take profit level above the 1.0460 level or ride it all the way to 1.0500.