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AUD/USD is currently trading at 0.7145, having hit a 18-day high of 0.7168 earlier today.  

The pair created a bullish outside reversal candle yesterday – the day began with pessimism but ended on an optimistic note, engulfing the previous day’s price action.  

However, a close above 0.7150 (yesterday’s high) is needed to confirm a bullish breakout. That would also add credence to the falling wedge breakout seen on the daily chart at press time and open the doors for a sustained move above the immediate hurdle of 0.7207 (Feb. 21 high).  

On the downside, Wednesday’s low of 0.7057 is the level to beat for the bears. As of writing,  

Daily chart

Trend: Bullish