The Australian dollar is gaining upside traction against the US dollar as positive risk sentiment continues to boost antipodean currencies. The AUDUSD pair has broken above a falling price channel on the four-hour time frame and looks to be targeting the 0.7820 level. Falling price channels are considered to be bullish reversal patterns and have a high probability of working during uptrends.
The AUDUSD pair is only bearish while trading below the 0.7730 level, key support is found at the 0.7700 and 0.7690 levels.
The AUDUSD pair is only bullish while trading above the 0.7730 level, key resistance is found at the 0.7800 and 0.7820 levels.
