The Hourly chart of AUD/USD has completed the downtrend by forming a double bottom pattern. It has broken out above the resistance. Also the pair is forming a elliot wave and it is currently in the 3rd wave. There will be a small corrective rally which will be the 4th wave and this will be a good entry opportunity for buyers. As per our analysis,we expect the pair to head towards the target of 0.74532.