AUD/USD Price Analysis: The triangle pattern broke to the upside but failed to gather any momentum
|- AUD/USD is trading 0.14% higher on Thursday.
- The price broke out of the chart pattern but failed to capitalise on the move.
AUD/USD 4-hour chart
AUD/USD has been consolidating since 10th June after going on a great run. Now the price has broken out of the triangle pattern the bulls failed to gather any real momentum to push higher.
There are some resistance levels to look out for on the upside at 0.6975 and then the high on the chart at 0.7064. There is always the potential that the price action does not conform to the chart pattern and moves sideways for a while. Look out for a retest of the top of the pattern as this occurs often after a pattern break.
The indicators are still looking bullish, the MACD histogram is still in the green and the signal lines are also positive above the midpoint. The Relative Strength Index is also above the 50 line but there is still room to move toward the overbought area.
Overall AUD/USD has been on quite a run since hitting a low of 0.5508 on 19th March 2020. The key zone on the higher timeframes continues to be the 0.70 psychological level. If the bulls can retake that zone then the bull run looks set to continue.
-637293181666495305.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.