AUD/USD 4H Chart: Ascending Triangle

Even though the upper boundary has a slight upward slope, we tend to believe that AUD/USD  is building the ascending triangle in the four-hour chart. The lower edge has a clear positive bias, meaning trading range will be expected to decrease over time. For the moment the Aussie is set to appreciate versus the Buck. However, a task to surge above 0.72 is not going to be an easy one. There are a number of crucial resistances, which will try to contain the pair's rally. Among them, monthly PP and 200-period SMA are placed at 0.7176 and 0.7191, respectively. Moreover, AUD is overbought vs USD, as 70% of all trades are bullish and the bears have more opportunities to enter the market with fresh positions.