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  • AUD/USD’s immediate bias is neutral with the pair stuck in a triangle pattern. 
  • A breakout would imply a resumption of the rally from November lows. 

AUD/USD is currently trading above 0.7310, representing a 0.16% gain on the day. 

While the pair is flashing green, it is yet to exit a two-week ascending triangle, as seen on the 4-hour chart. As such, the immediate bias remains neutral. 

A break above the upper end of the triangle, currently at 0.7340, would imply a continuation of the rally from the Nov. 2 low of 0.6991 and open the doors for 0.7413 (Sept. 1 high). 

Alternatively, a triangle breakdown would imply a short-term bearish reversal and shift risk in favor of a drop to 0.6991. 

A bullish breakout looks likely at press time, as the equity markets are cheering prospects of an early rollout of coronavirus vaccines in the US. 

4-hour chart

Trend: Neutral

Technical levels

 

Expert score

5

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