AUD/USD is Close to a Bullish Breakout

Dear traders,

The AUD/USD is close to getting a bullish breakout move. We could see the price moving up from the support level.

Lately, the RBA made the price bullish. The dollar weakness coupled with rising strength of the AUD could be a signal for a nice AUD/USD long. However, as the COVID situation in the Australia is not bright, the AUD is not strong as it should have been if there was no COVID. At this point we can see 78.6 rejection of the price targeting 0.7398 on intraday basis. If we see a continuation of a bullish sentiment, then the targets will be extended. The extension aims for 0.7411 and 0.7436. Higher targets are 0.7480 and 0.7500. Pay attention to price action around important S/R levels as the AUD/USD H1 chart looks bullish with a new swing in formation.