- AUD/USD has moved 0.13% higher as risk sentiment turns moderately positive.
- There is now an important chart pattern on the 4-hour chart.
AUD/USD 4-hour chart
As you can see from the 4-hour chart below AUD/USD has been in a good uptrend for a while. Just recently as the risk-sentiment around the world has become more precarious the pair has started to consolidate.
The key feature on the chart is the triangle formation. The market has made some lower highs but there are some higher lows too. The main support is holding at the orange line at 0.6775 and if this breaks it could be the start of a trend change.
The indicators are looking mixed at the moment, the MACD histogram is red and the signal lines have dipped under the zero level which is bearish. The Relative Strength Index is under the 50 line but tilting higher.
On the upside, a break of the pattern could indicate the trend might continue. 0.7064 and the 0.70 psychological levels are the key resistance zones to watch if you are bullish on the pair.
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Additional levels
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