AUDUSD teases bullish triangle breakout around 0.7500
Upbeat sentiment helps AUDUSD bulls to battle the key upside hurdle around July highs. The buyers are likely to gain from a firmer RSI line, not overbought, as well as bullish MACD signals but 20-SMA and the upper line of the weekly falling triangle’s resistance line, near 0.7500. In a case where the quote rises past 0.7500, the recent top near 0.7545 and the late June’s swing high near 0.7620 should lure the buyers.
Meanwhile, an ascending support line from October 10 precedes the stated triangle’s support line, respectively around 0.7470 and 0.7450, to restrict short-term AUDUSD declines. In a case where the Aussie pair drops below 0.7450, the 0.7400 threshold and October 18 low near 0.7380 should return to the chart. Overall, AUDUSD remains on the front foot but a pullback can’t be ruled out.
Meanwhile, an ascending support line from October 10 precedes the stated triangle’s support line, respectively around 0.7470 and 0.7450, to restrict short-term AUDUSD declines. In a case where the Aussie pair drops below 0.7450, the 0.7400 threshold and October 18 low near 0.7380 should return to the chart. Overall, AUDUSD remains on the front foot but a pullback can’t be ruled out.