- AUD/USD has carved out an ascending trendline on the 4-hour chart.
- The direction in which the pattern is breached would set the tone for the next move in the Aussie.
While the AUD/USD is on the offer at press time, it is still trading well within the previous day’s trading range of 0.6536 to 0.6432.
The pair is currently trading in the red near the 200-hour average at 0.6465, having printed a low of 0.6451 a few minutes before press time.
The 4-hour chart shows the pair is trapped in an ascending triangle. A break above the top end of the triangle at 0.6562 would imply a continuation of the rally from the lows near 0.55 observed in March and open the doors to 0.6685 (March 9 high).
On the other hand, a triangle breakdown would confirm a bullish-to-bearish trend change. At press time, the lower end of the triangle is seen at 0.6424.
Hourly chart
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Trend: Neutral
Technical levels
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