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.

Additional levels

AUD/USD

Overview
Today last price	0.6923
Today Daily Change	0.0008
Today Daily Change %	0.12
Today daily open	0.6915

Trends
Daily SMA20	0.6906
Daily SMA50	0.6688
Daily SMA100	0.6508
Daily SMA200	0.6669

Levels
Previous Daily High	0.6944
Previous Daily Low	0.6876
Previous Weekly High	0.6975
Previous Weekly Low	0.6811
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6918
Daily Fibonacci 61.8%	0.6902
Daily Pivot Point S1	0.688
Daily Pivot Point S2	0.6844
Daily Pivot Point S3	0.6812
Daily Pivot Point R1	0.6947
Daily Pivot Point R2	0.6979
Daily Pivot Point R3	0.7015

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