Hello everyone! The Australian Dollar against the US Dollar currency pair has shown a decent increase this trading week. However, it is still early for the bulls to celebrate too much because when looking at the daily chart, the situation is not so clear-cut. Over the past three months, the price has been moving quite impulsively. Specifically, I have identified a broken triangle pattern which we are currently testing from the other side, and there are also significant resistance levels above. I just checked the Dollar chart and it is evident that the US currency is maintaining its upward trend without a significant pullback. Therefore, I would hold off on buying for now. As for selling, it is definitely not wise to try to catch a falling knife, it is better to wait for a good signal to form on lower timeframes. For example, if the AUDUSD pair consolidates below the level of 0.6480, then selling opportunities will look quite solid.
