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  • AUD/USD continued scaling higher for the third consecutive session on Tuesday.
  • The set-up seems favours bullish traders and supports prospects for additional gains.
  • Any meaningful dip towards the 0.7300 mark might be seen as a buying opportunity.

The AUD/USD pair built on last week’s rebound from sub-0.7200 level and gained some strong traction for the third consecutive session on Tuesday. This marks the fourth day of a positive move in the previous five and pushed the pair to near two-week tops, around the 0.7340 region in the last hour.

Given the overnight breakthrough a symmetrical triangle, a sustained move beyond the 0.7300 round-figure mark was seen as a key trigger for bullish traders. The momentum was further supported by bullish oscillators on hourly/daily charts and the heavily offered tone surrounding the greenback.

However, investors might refrain from placing any aggressive bets ahead of the latest FOMC monetary policy decision, due to be announced on Wednesday. Nevertheless, the pair still seems poised to extend the trajectory further towards the 0.7360 intermediate resistance en-route the 0.7400 mark.

On the flip side, any meaningful pullback might attract some dip-buying near the 0.7300 mark and remain limited near 100-hour SMA, currently around the 0.7285 region. Sustained weakness below will negate the bullish outlook and turn the pair vulnerable to slide further towards the 0.7100 mark.

AUD/USD 1-hourly chart


Technical levels to watch