AUD/USD Price Analysis: Aussie trapped in an ascending triangle

AUD/USD is at present shopping for and promoting above 0.7310, representing a 0.16% reap on the day.

While the pair is flashing green, it is however to exit a two-week ascending triangle, as viewed on the 4-hour chart. As such, the on the spot bias stays neutral.

A smash above the greater provide up of the triangle, at present at 0.7340, would imply a continuation of the rally from the Nov. two low of 0.6991 and open the doorways for 0.7413 (Sept. 1 high).

Alternatively, a triangle breakdown would recommend a non everlasting bearish reversal and shift danger in select of a drop to 0.6991.

A bullish breakout appears possibly at press time, as the equity markets are cheering probabilities of an early rollout of coronavirus vaccines in the US.


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