The Australian Dollar vs US Dollar has seen a rally this week, with a focus on the 0.6650 level. However, the weekly chart shows a large triangle pattern that the market is stuck in. Breaking above the 0.6725 level could lead to a rally towards 0.6825, where the 200-week EMA is located. The week’s candlestick range is similar to the past 5-6 weeks.
The market is trying to find direction, but is currently moving sideways. Until the triangle is broken, I remain neutral on this pair. However, a breakout could signal a potential upside of at least 100 points.