- The immediate AUD / USD bias is neutral, with the pair trapped within a triangle pattern.
- A break to the upside would imply a resumption of the rally from the lows in November.
The AUD / USD pair is currently moving around the 0.7310 level, up 0.01% on the day.
While the pair is moving positive, it has yet to break out of the two-week ascending triangle as seen on the 4-hour chart. As such, the immediate bias remains neutral.
A break above the upper end of the triangle, currently at 0.7340, would imply a continuation of the bullish move from the November 2 low of 0.6991 and would open the doors to the 0.7413 level (September 1 high).
On the other hand, a downside breakout of the triangle would imply a short-term bearish turn and a shift in favor of a decline towards the 0.6991 level.
A bullish breakout seems likely at the time of writing, as stock markets are celebrating the prospects for an early launch of coronavirus vaccines in the US.
AUD / USD 4-hour chart
AUD / USD technical levels
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