AUD/USD is rising in a channel in a short-term uptrend that is biased to extend, given the old adage that “the trend is your friend”.
AUD/USD might be forming a bullish continuation pattern on the four-hour chart. A break above the 0.6714 high could confirm a continuation of the short-term uptrend. A break below the red trendline would bring into question the dominant uptrend. The Aussie is potentially forming a Bull Flag continuation pattern on the four-hour chart. A break above the top of the consolidation that represents the “flag square” and the 0.
6714 May 16 highs, would confirm activation of the Bull Flag and a continuation of the short-term uptrend up to an initial target at 0.6728. Further bullishness could even see price rise to 0.6788. AUD/USD 4-hour Chart The Aussie is in a short-term uptrend indicated by the rising peaks and troughs on the four-hour chart since the April 19 lows. A decisive break below the red trendline would be a bearish sign which could denote a change of the short-term trend.
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