AUD/USD Technical Analysis: A breakout above 0.7380 could mean one step closer to bull deliverance

• AUD/USD main bear trend is having a break as the US Dollar is getting hammered across the board.  
• AUD/USD bulls staged a strong reversal last Friday and bulls are keeping the currency near its daily highs. Bulls are creating a bull channel and their objective is to break above 0.7380 (August 21 swing high) in order to start making higher highs, which is the hallmark of a bull trend.
• A sustained bear breakout below 0.7300 would invalidate the bullish bias.  

AUD/USD 15-minute chart

Spot rate:                0.7353
Relative change:     0.34%      
High:                        0.7358
Low:                         0.7306

Main trend:              Bearish
Short-term trend:     Bullish above 0.7294

Resistance 1:          0.7364 June 28 high
Resistance 2:          0.7380 August 21 swing high
Resistance 3:          0.7407 May 8 low

Support 1:          0.7345 August 3 low
Support 2:          0.7294 August 13 high
Support 3:          0.7255 August 13 low
Support 4:          0.7200 figure
Support 5:          0.7159 December 26, 2016 low
Support 6:          0.7100 figure