- 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.
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Additional levels
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