AUD/USD is threatening a breakout from a bullish ascending triangle pattern after weeks of tight consolidation:
Triangle Pattern: The pair has carved out a clear ascending triangle, marked by higher lows and resistance near 0.6500. Today's breakout attempt is the most convincing yet.
Key Levels in Play: 0.6500 remains the neckline to beat, while the 200-day SMA (currently near 0.6446) has served as a gravity line for weeks. A daily close above both would mark a significant technical shift.
Momentum Gauges: RSI is lifting off the 50 level, hinting at building bullish momentum. MACD is attempting to cross above the zero line but still lacks follow-through.
Targets: A confirmed breakout opens the door toward the 0.6558 Fibonacci level, with 0.6730 a stretch target if momentum builds.
Failure to break higher from here could bring a sharp drop back toward support near 0.6360. Keep an eye on volume and closing strength.
-MW
Triangle Pattern: The pair has carved out a clear ascending triangle, marked by higher lows and resistance near 0.6500. Today's breakout attempt is the most convincing yet.
Key Levels in Play: 0.6500 remains the neckline to beat, while the 200-day SMA (currently near 0.6446) has served as a gravity line for weeks. A daily close above both would mark a significant technical shift.
Momentum Gauges: RSI is lifting off the 50 level, hinting at building bullish momentum. MACD is attempting to cross above the zero line but still lacks follow-through.
Targets: A confirmed breakout opens the door toward the 0.6558 Fibonacci level, with 0.6730 a stretch target if momentum builds.
Failure to break higher from here could bring a sharp drop back toward support near 0.6360. Keep an eye on volume and closing strength.
-MW
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