AUD/USD Upward Channel in Play – Brace for a Bullish Breakout! 

The AUD/USD pair opened at 0.77021, and it has since placed a high of 0.77210 and a low of 0.76813 so far. The pair is currently moving at 0.76919m and placing losses for the day after rising for three consecutive sessions. The major reason behind the decreasing AUD/USD prices on Monday was the deterioration of the market risk sentiment. The Aussie, which is perceived as risky, has suffered because of the rising demand for safe-havens, as the number of coronavirus cases worldwide continues to rise.

Countries across the globe have started seeing an increase in the number of coronavirus cases, as the new variant of the virus is spreading worldwide. The more contagious variant of the coronavirus has pushed the spread of the virus and caused an increase in cases all over the world.

Daily Technical Levels

Support           Resistance

0.7667             0.7732

0.7639            0.7771

0.7601             0.7798

Pivot Point:   07705

The AUD/USD is trading with a bullish bias at the 0.7738 level, and a bullish crossover at this level could lead the price of the Aussie even higher until the next target level of 0.7802. The 50 EMA is supporting the upward moves; thus, we should consider buying upon a breakout at 0.7740. Good luck!