AUD/USD Price Analysis: There has been a textbook break and retest of the triangle pattern

• AUD/USD is trading 0.46% higher on Friday and 0.78% higher for the week.
• There has been a break of the triangle pattern on the 4-hour.

AUD/USD 4-hour chart

AUD/USD is trading pretty positively on the last trading day of the week. This is due to a strong amount of USD selling as the risk sentiment once again shifted to the upside. Looking at the chart below, the main feature is the break of the red triangle pattern to the upside. Not only has there been a break there has been a decent retest of the pattern and another move to the upside. 

The price has also moved above the 0.70 psychological level, although, it has not been a resistance zone it is still noteworthy. The MACD indicator is also moving higher but the histogram is still red. The signal lines continue to remain above the mid-point. 

Next week the market will get the latest meeting minutes from the RBA. There must be some concern about the strength of the AUD but there is not expected to be much in the way of change. It would be interesting to see if there is much talk about additional stimulus and negative interest rates. The state of Victoria is still in full lockdown more after virus cases increased across the region. 

Additional levels