AUD/USD Price Analysis: AUD could push higher if the ascending triangle top breaks

AUD/USD is trading 0.36% higher on Wednesday.
AUD is one of the outperformers of the session in the G10.

Rajan Dhall, MSTA FX Daily

AUD/USD 4-hour chart

AUD is having a great session on Wednesday as it trades higher against all the majors. The 0.70 psychological level is a bit of a resistance level at the moment. As you can see from the chart below the top of the consolidation is marked in red. This resistance line is just below 0.70 and a break could be a bullish signal.

This pattern is often called an ascending triangle. In the pattern does break to the upside it could test the high on the chart of 0.7064 and even beyond. On the downside, the bottom of the structure is the black trendline. If the price does fail to break above it could be the next support zone. If that fails, the low of the consolidation stands at 0.6775.

Looking at the indicators, the Relative Strenght Index is now tilting higher there is still space for the indicator to reach the overbought zone but it might take a break of the aforementioned resistance. The MACD is also looking bullish, although the histogram is in the red, it looks like it might turn back over to the upside. The signal lines are still above the zero level which means the trend is still up.

Additional levels

AUD/USD

Overview
Today last price	0.6967
Today Daily Change	0.0020
Today Daily Change %	0.29
Today daily open	0.6947

Trends
Daily SMA20	0.6901
Daily SMA50	0.6729
Daily SMA100	0.6518
Daily SMA200	0.6673

Levels
Previous Daily High	0.6998
Previous Daily Low	0.6922
Previous Weekly High	0.6953
Previous Weekly Low	0.6832
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6951
Daily Fibonacci 61.8%	0.6969
Daily Pivot Point S1	0.6913
Daily Pivot Point S2	0.6879
Daily Pivot Point S3	0.6836
Daily Pivot Point R1	0.6989
Daily Pivot Point R2	0.7032
Daily Pivot Point R3	0.7066

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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