AUD/USD Technical Analysis

The Australian currency rose again above the 0.8000 level against the US dollar. This was due to the release of the minutes of the RBA meeting. But there is no reason for the Australian dollar to move higher. Iron ore is becoming much cheaper, and interest in risk is going down in the financial markets, which increases the pressure on the commodity currencies. But on the other hand, the positive economic situation in Australia does not let the currency fall significantly. Therefore, the pair AUD/USD continues to move around the 0.8000 level.

On the hourly chart over the past few days, the pattern of the “expanding triangle” has formed. The price can not break above the highs of the month. So, the return to 0.8000 and 0.7940 is possible.

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