The AUDUSD has been trending higher since March 2020.
And this latest leg started in late October and early November when AUDUSD broke out from 0.70 support.
As I’ve said for weeks, the Australian dollar looks determined to reach 0.8100 this year.
Note that 0.8100 was the location of the double top from late 2017 to early 2018.
With the uptrend intact on the higher time frames, it makes sense to watch for intraday continuation patterns.
AUDUSD appears to have formed one on the 4-hour time frame.
The 4-hour symmetrical triangle below hints at the next leg higher for AUDUSD.
However, buyers need to clear resistance near 0.7770 to expose higher levels.
The pair is doing that as I type this.
If AUDUSD buyers can get above that level on a 4-hour closing basis, it would open the door to the recent high near 0.7820.
The measured objective of this structure points to 0.7920.
Alternatively, a close below support near 0.7690 would negate the idea.