Technical analysis
The daily time frame shows that the AUDUSD pair has staged a bullish breakout from a falling wedge pattern. Falling wedge patterns are typically considered to be bullish reversal patterns.
The MACD histogram on the daily time frame continues to trend higher and Commodity Channel Index is generating a strong buy signal.
What the possible outcomes are
In our most likely scenario, the AUDUSD pair will advance towards the 0.7500 level as the bullish breakout from the wedge pattern unfolds.
Alternatively, the AUDUSD pair will correct back towards the 0.7350 support area one final time and then start to rally towards the 0.7500 resistance area.
Key levels
Support 0.7380 0.7350
Resistance 0.7470 0.7500
