FxWirePro: AUD/USD takes channel support at 0.7096, good to buy dips

• AUD/USD retakes 0.71 handle, recovery gains momentum into European Session. 
   
• Rebound seen in gold prices likely supporting the Aussie, recovery may be short lived as USD likely to see further strength.
   
• Pair has hit channel base and rebounded from lows, RSI is biased higher and has scope to run, Daily Stochs show bullish crossover at oversold levels.
   
• Long lower wicks on 4-hourly candles and hanging man and doji formations indicate scope for some upside. Pair could test 38.2 % Fib of 0.7385-0.7096 fall at 0.7206.

Recommendation: Long dips around 0.71, SL: 0.7060, TP: 0.72

Resistance Levels: 

R1: 0.7145 (Daily Cloud Base)

R2: 0.7160 (Cloud Top, Low Dec 14 & 1)

R3: 0.7183 (100-Day MA)

R4: 0.7206 (38.2 % Fib of 0.7385-0.7096 fall)

Support Levels: 

S1: 0.7103 (Daily Low Nov 19)

S2: 0.7096 (Channel base)

S3: 0.7069 (Daily Low Nov 18)

S4: 0.7061 (Daily Low Nov 12)