Technical outlook and chart setups:

The AUD/USD pair has picked up from its Fibonacci 50% support of the rally between 0.7070 and 0.7280, at the 0.7170 levels as seen here. It is quite possible that the retracement is complete and that prices could rally towards fresh highs. But recommendations are to initiate long positions around the 0.7150 levels, considering the risk/reward ratio. Besides, note that 0.7150 is the Fibonacci 0.618 support and the past resistance turned into support come in there. Immediate support is seen at the 0.7160 levels, followed by 0.7070, while resistance is seen at the 0.7280 levels.

Trading recommendations:

Remain flat for now, look to go long around the 0.7150 levels.

Good luck!